NCLAT clears Atom Tech sale to NTT Data Corp

KR Srivats New Delhi | Updated on July 22, 2019 Published on July 22, 2019

The National Company Law Appellate Tribunal (NCLAT) on Monday approved the sale of Atom Technologies owned by 63 moons to NTT Data Corporation.

Passing the order, NCLAT Chairman SJ Mukhopadhaya said that the sale proceeds will be deposited in an interest-bearing account. Meanwhile, the NCLAT has fixed August 22 as the next date of hearing for the supersession of Financial Technologies (India) Ltd’s (erstwhile FTIL now renamed 63 moons) board under Section 397 of the Companies Act, 1956.

The Centre had approached the NCLAT after 63 moons sold 55 per cent stake of Atom Tech for $9 million to NTT Data Corporation. It had objected to the manner in which the sale process was executed. The Apex Court had also rejected the government’s bid to amalgamate the scam-hit National Spot Exchange Ltd with FTIL.

Published on July 22, 2019
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