FTIL case: CLB adjourns hearing to January 13 next year

K. R. Srivats New Delhi | Updated on January 27, 2018 Published on December 07, 2015

The Company Law Board has adjourned to January 13 next year hearing on the MCA's petition to supersede the board of Financial Technologies (India) Ltd (FTIL).

At a hearing here on Monday, both Government counsel and FTIL counsel sought more time with submission to the CLB that they would approach the Madras High Court seeking deferral of the December 11 deadline set by the High Court.

Madras High Court had set December 11 as the deadline by when CLB should conclude hearing in the case.

In the second week of July, the Madras High Court had 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.

Published on December 07, 2015
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