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NSEL and FTIl have been asked to submit their response by February 22.
" It is observed that over 96 per cent of objections are from shareholders of FTIL ( 48,422 out of the total 50,389 records).
It further said that 1,203 objections were from FTIL staff and they too were repeating the same objections in similar language.
FTIL is the provider of technology IP to create and trade on next-generation financial markets and with this deployment FTIL is looking forward to bring flexibility to employees who use smartphones for personal use, without compromising corporate data security.
As a company dealing with sensitive data, keeping information secure is critical to FTIL's IT department.
The ratings favourably factor in FTIL's vast prior experience in the design and fabrication of modular panels and containment solutions, its established relationships with reputed majors in the pharmaceutical industry supported by repeat business executed for its clients over the years; its healthy financial profile marked by high operating profitability, strong capital structure marked by low gearing and robust debt coverage metrics and the expected sustenance of its high operating margins considering its focus on executing turnkey projects in overseas markets.
The ratings are however constrained by the high level of receivables in FTIL's operations (largely attributable to export sales) which raises concerns over possible write-offs; the significant capex plans of the company over the next three years which could impact the company's capital structure in the event the capex is funded through debt; the exposure to exchange rate risks, especially considering the significant export-focused operations of the company; the recent diversification into businesses like movie production, etc and the fact that the off-take for certain new technologies that FTIL proposes to introduce in the Indian market remains to be ascertained.
The order, which aims to get back investors' money using resources of the Group, hammered the FTIL scrip, which lost 20 per cent to hit its lowest permissible level of ` 169.65 on Bombay Stock Exchange.
Sebi has set a 90- day deadline for the disgraced FTIL Group to dispose of the entire stake it holds in MCX- SX and other stock exchanges.
CRISIS- RIDDEN Jignesh Shahled Financial Technologies India Ltd ( FTIL) announced the sale of its Singapore- based commodity exchange Singapore Merchantile Exchange ( SMX) for $ 150 million ( ` 931 crore) to InterContinentalExchange on Tuesday.
" FTIL states that this action of NSEL does not entail any financial liability on FTIL and that the business of FTIL is as usual," Jignesh Shah, chairman and managing director, FTIL, said in a statement.
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