How much confidence do FTIL shareholders have in the ability of the board of FTIL to run this company, now that its key man Jignesh Shah is in jail?
There are some crucial questions that Financial Technologies ' and MCX shareholders will have to face post the arrest of National Spot Exchange Limited former MD Jignesh Shah .
The first question would be how much confidence do FTIL shareholders have in the ability of the board of FTIL to run this company, now that its key man Jignesh Shah is in jail? These are tumultuous times for FTIL, several legal actions and investigative actions are likely. How is the board going to be able to cope with all of these and stir the company through these muddy waters.
One of the things that the board will have to deal with in the absence of Jignesh Shah, who will be in jail for a few days at least, will be the sale of FTIL's stake in MCX. MCX will be in a hurry to get the stake sale done because it wants to be in quick compliance of the new commodity exchange regulations or guidelines. However, for FTIL investors, the important thing to watch out for is the value preservation of the stake. If Jignesh Shah's being in jail amounts to the stake sale being a distressed sale and that could lead to an erosion in the value of that stake in MCX, it would mean a loss on part of the FTIL investors.
Another key aspect is the class action suit that has been filed by a few traders on the erstwhile NSEL (Modern India and a few others). This is a representative suit and it has been filed against NSEL, FTIL, FTIL's promoters, directors and senior officers. What it seeks to do is to lift the corporate veil between NSEL and FTIL and use FTIL assets in short to pay off the liabilities of NSEL.
Financial Tech stock price
On May 08, 2014, at 11:11 hrs Financial Technologies was quoting at Rs 276.70, down Rs 14.55, or 5 percent. The 52-week high of the share was Rs 870.30 and the 52-week low was Rs 102.05.
The company's trailing 12-month (TTM) EPS was at Rs 50.03 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 5.53. The latest book value of the company is Rs 580.93 per share. At current value, the price-to-book value of the company is 0.48.
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