gfiles magazine

July 25, 2019

GOVERNANCE : A WEB OF DECEIT: The man who pretended to know too little…


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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