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63 moons technologies (formerly Financial Technologies India Ltd, or FTIL) has refuted the Ministry of Corporate Affairs’ (MCA) contention that shareholders’ objection to the forced merger of scam-hit NSEL with FTIL was ‘orchestrated’.
The MCA has not verified the genuineness of the objections and therefore its view (that objections were orchestrated) is not conclusive, but a mere conjecture, 63 moons said in a shareholder update filed with stock exchanges. The company has sent the updates to its 63,000 plus shareholders.
Decision on MondayThe timing is significant — on Monday, the Mumbai High Court is scheduled to decide on the “legality” and validity of the MCA’s final order.
The MCA had, in February, issued a final order directing the merger of scam-hit National Spot Exchange Ltd (NSEL) with FTIL. The final order has been stayed till September 26 following FTIL’s challenge of the same before the Mumbai High Court.
In its update, 63 moons has also highlighted that its shareholders, creditors and employees did submit their objection within the court-stipulated 30 days. However, the MCA kept seeking more time and finally issued the final order after almost one year of the stipulated time.
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