Companies

FTIL case: CLB adjourns hearing to Dec 7

KR Srivats New Delhi | Updated on January 22, 2018

The Company Law Board has adjourned to December 7 hearing on the MCA's petition to supersede the board of Financial Technologies (India) Ltd (FTIL).

FTIL is now looking to rename itself as 63 moons technologies Ltd.

At a hearing here on Wednesday, Government counsel sought more time to submit its response, following which CLB adjourned the hearing to December 7.

The Madras High Court had in the second week of July put a stay on the CLB's June 30 order barring FTIL from selling or alienating the assets or investments of the Company.

The Corporate Affairs Ministry ( MCA) had on February 25 moved the CLB to supersede the FTIL Board.

FTIL had opposed the MCA's petition to CLB to supersede its Board.

It contended that the MCA petition to supersede the entire new Board of FTIL was clearly an attempt to ensure that there was no opposition whatsoever from FTIL and the new Board to the forced amalgamation of NSEL with FTIL.

The Government is targeting to render FTIL's challenge to the forced merger of NSEL under Section 396 nugatory by removing the entire new board, which assumed responsibility in November 2014, according to FTIL.

srivats.kr@thehindu.co.in

Published on November 05, 2015

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