Comments
The Company Law Board has postponed till May 15 the hearing on the Ministry of Corporate Affairs (MCA) petition to supersede the board of Financial Technologies (India) Ltd (FTIL).
The FTIL case was to come up for hearing today. The CLB had on March 19 adjourned the hearing on the matter to April 17.
The MCA had on February 25 moved the CLB—a quasi judicial body—to supersede the FTIL board.
The hearing on the Government’s petition with CLB had to be adjourned on March 19 as the signed order of the recent Bombay High Court’s ruling had not reached CLB.
The Bombay High Court had on March 17 dismissed the plea of FTIL to restrain MCA from superseding the Board of the company.
FTIL had on March 2 filed a petition in the Bombay High Court challenging the MCA decision to supersede the FTIL board under Section 397 of the Companies Act 1956.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.