 "Jignesh Shah exits from Financial Technologies")
Financial Technologies on Thursday said Jignesh Shah, its founder and former chief, will exit from the company with immediate effect.
Prashant Desai, who was serving as the President, Investor relations and M&A at FT, will take over the charge from Shah as the new managing director and chief executive officer, the firmsaid in a release.
“Jignesh Shah will no longer hold any executive or managerial position in the company,” the company said.According to the release, FT’sboard has invited Jignesh Shah to continue with the firm as its Chairman-emeritus and mentor.
Also, the company has inducted three non-executive directors and two executive directors on the board. Post expansion, the new board will now have 5 non-executive and independent directors, 4 executive directors and 3 non-executive directors, the release said.
Jignesh Shah founded the Financial Technologies in 1988. The group faced a crisis when the NSEL scam broke out in July 2013. Shah was arrested in May 2014 in connection with the scam.
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