Financial Technologies' board to meet on November 29

Financial Technologies (India) Ltd, promoter of crisis-hit commodity exchange National Spot Exchange Ltd (NSEL), has said its board meeting will be held on November 29 to approve the second quarter results as well as the revised audit report for fiscal year 2012-13 (FY13).

"...a meeting of the Board of Directors of the Company will be held on November 29, 2013, inter alia, to consider and approve the un-audited financial results of the company for the second quarter ended September 30, 2013," FTIL said in a filing to the BSE on Thursday.

The board will also consider standalone financial accounts as on March 31, 2013 along with revised audit report, the filing added.

In September, FTIL's auditor Deloitte Haskins & Sells had withdrawn its audit report certifying financial statements for 2012-13, saying that the statements "cannot be relied upon any longer" in the wake of trouble at the firm's subsidiary, NSEL, which is facing Rs 5,600 crore payment crisis.

At the annual general meeting, FTIL chairman and CEO Jignesh Shah had said auditor Deloitte, Haskins & Sells will recast the financial statement based on new inputs from NSEL.

NSEL plunged into the payment crisis after it stopped trading of all its contracts on July 31 following government direction.

The bourse has so far defaulted 14 times on its scheduled payout and has been able to settle only about Rs 226 crore as against Rs 5,600 crore dues to 13,000 investors.