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Shares of Financial Technologies today surged 20 per cent after the company said its Board has unanimously opposed the Ministry of Corporate Affairs (MCA) petition to Company Law Board (CLB) seeking “removal and supersession” of the FTIL Board.
The stock zoomed 19.98 per cent to settle at Rs 214.40 —— its upper circuit limit on the BSE.
At the NSE, it jumped 19.98 per cent to Rs 214.05.
In terms of volume, 14.26 lakh shares of the company changed hands at the BSE and over 42 lakh shares were traded at the NSE during the day.
In a filing to the BSE, the company said, “The Board of Financial Technologies, which met on Sunday, March 1, 2015, passed the resolution to strongly oppose the Ministry of Corporate Affairs (MCA) petition to Company Law Board (CLB) seeking removal and supersession of the FTIL Board.”
The Board said that it is a “clear attempt by the MCA to render ineffective and in fact, defeat FTIL’s challenge and opposition to the proposed amalgamation of NSEL with FTIL.”
In October last year, the Ministry of Corporate Affairs had also ordered merger of the NSEL with Financial Technologies (India) Ltd. The move was aimed in ensuring faster recovery of dues for entities hit by the Rs 5,600-crore fraud at NSEL.
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