Jignesh Shah resigned as the managing director of Financial Technologies India (FTIL), a company set up by him, and will become its chairman-emeritus.
Prashant Desai who joined the company in 2013 as President (Investor Relations and M&A) will assume the position of MD & CEO of the company.
Shah will no longer hold any executive or managerial position in the company. “The board invites Shah to be Chairman-Emeritus and Mentor to nurture and inspire entrepreneurship,” FTIL said in a statement.
Shah’s exit has come after the government recently proposed the merger of NSEL, which is involved in the Rs 5,600 crore payment scam, with FTIL to ensure faster recovery of dues, but FTIL has challenged it in the court.
The board also approved appointment of three non-executive directors — Nisha Dutt, Sunil Shah and Miten Mehta, and two executive directors — Jigish Sonagra and Rajendra Mehta. Manjay Shah and Dewang Neralla will exit the board. Both of them will become MD and CEO in two FTIL group firms — Atom Technologies and Tickerplant, it added.
“The re-constituted board of 12 members will have five non-executive and independent directors, four executive directors and three non-executive directors,” it said.
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