FTIL founder-promoter Jignesh Shah would no longer hold any executive or managerial position the company
Jignesh Shah, the promoter of Financial Technologies (India) Ltd (FTIL) has stepped down as managing director and chief executive of the company. Shah would be replaced by Prashant Desai, who was working as president in FTIL's investor relations and merger and acquisition division.
FTIL, in a regulatory filing said, its Board has invited Shah to be its chairman-emeritus and mentor. Shah will no longer hold any executive or managerial position the company, it added.
In addition, Dewang Neralla, another founding member, and Manjay Shah will also exit from the FTIL board and would head group companies. Neralla will become MD and CEO of Atom Technologies and Manjay Shah will lead Tickerplant, the filing said.
FTIL said, it expanded its board by including Jigish Sonagra and Rajendra Mehta as executive directors and Nisha Dutt, Sunil Shah and Miten Mehta as new independent, non-executive directors.
The re-constituted board of 12 members will have five non-executive and independent directors, four executive directors and three non-executive directors.
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