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NSEL accuses former CEO of trying to influence probe

Crisis-ridden National Spot Exchange Ltd (NSEL) accused its former CEO Anjani Sinha of trying to influence the investigation and judicial proceedings in alleged irregularities in the bourse by giving media statements.

twitter-logo PTI   New Delhi     Last Updated: June 6, 2014  | 12:04 IST
Anjani Sinha
Anjani Sinha

Crisis-ridden National Spot Exchange Ltd (NSEL) on Thursday accused its former CEO Anjani Sinha of trying to influence the investigation and judicial proceedings in alleged irregularities in the bourse by giving media statements.

NSEL, an FTIL group company, is grappling with Rs 5,600 crore payment crisis that came to light in 2013. In the wake of the crisis, Sinha was arrested late last year. He got bail last month.

"Statements given by the accused Anjani Sinha in media interviews today against Jignesh Shah and other erstwhile board members are motivated with a view to influence investigations and judicial proceedings, which is critical at this juncture," NSEL said in a late evening statement.

Answering to a particular question in an interview to a TV channel whether Shah met borrowers, Sinha said said: "The defaulting members whom you are referring to as borrowers had personal meetings with Jignesh Shah. The meetings took place at FTIL and NSEL office. The entire documentation of the meeting is available."

Noting that in any case risk management is one of the fundamental functions of the CEO of an exchange, NSEL said Sinha was responsible for all operations and activities of the bourse.

"Anjani Sinha was the only whole-time director and other director members including Jignesh Shah were non-executive directors.

"It is puzzling that such an experienced and qualified person -- Anjani Sinha cannot be relied upon by the non-executive directors and why is he blaming them now as he could have very well disagreed to do anything irregular even assuming that he was asked to do so," the statement said.

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