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The Bombay High Court has extended the ‘status quo’ order on NSEL’s merger with Financial Technologies till February 4.
The court took up the hearing on Monday after receiving replies from the Ministry of Corporate Affairs and commodity market regulator Forward Markets Commission on the petition filed by FTIL challenging the Government’s draft order in November to merge NSEL with FTIL.
The merger would have led to FTIL assuming the liabilities of NSEL which shut operations after it failed to settle trades worth ₹5,600 crore entered on its platform. FTIL owns 99.99 per cent stake in NSEL.
Hearing the petition on Monday, Justice VM Kanade and Justice Ravati Mohite Dere issued contempt notices to a few investors who wrote a letter urging Justice Kanade to recuse himself as his son Vishal Kanade has defended one of the directors of PD Agroprocessors, which defaulted on NSEL.
Kanade said his son had only appeared for a nominee director of PD Agroprocessors who had nothing to do with the NSEL crisis.
“Obviously, the investors who wrote the letter knew about my son’s involvement in the case when I heard the matter on November 27. Why did they not raise this issue then?” he said.
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