The silent and sincere efforts of the Financial Technologies Group in trying in
every manner to resolve the NSEL crisis within the four corners of the law, were
overawed by the barrage of criticism, accusations, aspersions, all based on
misinformation and misunderstanding that came from all over with no responsible
authority trying to explain the real situation.
That is why it is thought that the NSEL/FTIL side of the
story needs to be told to the world. For the accident originated/engineered by
FMC/DCA and then to payment default(post August 4, 2013) committed by
defaulters at one of its subsidiaries, the entire Financial Technologies Group is paying the price.
Not only injustice was meted on the FTIL, but added to it are other painful
measures such as the hurry to declare promoters not ‘fit and proper’, the
vilification campaign, unverified rumours, which have pushed the Group into a
corner gasping for a little justice.
The solution given by Ministry of Corporate Affairs, on
recommendation of the FMC, is a complete contradiction to the democratic system
against the tenets of corporate law. Thousands of shareholders of FTIL will be
deprived to enjoy the benefits of wealth creation and the very business that
stood against the global competition and sustained success will wither away.
Financial Technologies should be given a chance to explain
their stand.
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