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The Ministry of Corporate Affairs is likely to take a call on the draft order to merge the National Spot Exchange with Financial Technologies, by the end of this week.
The issue was discussed at a meeting chaired by Economic Affairs Secretary Shaktikanta Das on Thursday to review the progress on the recommendations made by the special team of Secretaries that was set up to avoid a payment crisis at the exchange.
The Ministry of Corporate Affairs was also asked to fast-track its plans to file a special leave petition in the Supreme Court against the Madras High Court order that allowed the Company Law Board to decide on matter of the supersession of the FTIL Board by March 11. “The SEBI was advised to examine and take the necessary action against defaulting brokers as per law,” said the Finance Ministry, adding that the Maharashtra government was also advised to expedite auctioning of all properties that do not have any encumbrance and to seek early orders for auctioning the attached properties.
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