It
would be wrong to suggest that Jignesh Shah, who was one of the “key managerial
personnel” on the Board of Directors of NSEL, did not know what was going on
there. All outward emails of NSEL were routed through an outbox, “FT outbox”.
The minutes of the NSEL’s Board were regularly tabled at the FTIL board
meetings, which meant that it had knowledge of the goings-on in NSEL.
Otherwise, on what basis did Shah assure that the stock held in NSEL’s 120
warehouses was valued at around Rs. 6,000 crore?
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