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63 moons technologies, formerly Financial Technologies (India) Limited (FTIL), has refuted Corporate Affairs Ministry's contention that shareholders' objection to the forced merger of scam-hit National Spot Exchange Ltd (NSEL) with FTIL was 'orchestrated'.
MCA has not verified the genuineness of the objections and therefore it's view (that objections were orchestrated) is not conclusive but a mere conjecture, 63 moons said in a shareholder update. This is significant as it came days before the Mumbai High Court (on September 26) is scheduled to decide on the "legality" and validity of the MCA's final order.
The MCA had in February this year issued a final order directing the merger of scam-hit NSEL with FTIL, which has now been renamed as 63 moons technologies.
The final order has been stayed till September 26 following FTIL's challenge of the same before the Mumbai High Court.
In its shareholders update filed with stock exchanges, 63 moons has also highlighted that its shareholders, its creditors and its employees did submit their objection within the court stipulated 30 days. However, MCA kept seeking more time and finally issued the final order after almost one year of the stipulated time given to them, according to the update, which was filed with bourses recently.
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