When the NSEL crisis shook the Indian financial markets, I was surprised when Jignesh Shah, FTIL and two other key members were declared ‘Not fit and proper’ to hold any stakes in any of the exchanges. I felt the move rather rash, given that nobody in the history of Corporate India, not even Satyam Scam’s Ramalinga Raju, Kingfisher Airlines’ Vijay Mallya were put through this ignominy. So, I asked myself who decides what’s fit and proper?
Three years later, I finally got my answer in the book written by Shantanu Guha Ray called ‘The Target’. The ban which only lasts for three years has been lifted off Jignesh Shah, his two associates and FTIL but the morass of the cases is such that they are still under seige.
When I read the book, the FMC’s suspicious recommendations had changed their life forever. Now, all companies will look at Jignesh Shah with jaundiced eyes. Not only that, his company FTIL will always have to face the improper tag across the world. It is just distressing to see that one decision has changed the lives of Jignesh Shah and his company forever. His future is still blank as he is caught in a web of cases and unnecessary scrutiny by the investigative agencies. So, it brings me to the point as to who decides what’s fit and proper? FMC claims it did not have any jurisdictional rights, then how could it recommend such a strong action against a company that has turned the Indian financial markets.