The Bombay High Court has directed the Centre to provide Financial Technologies (FTIL) with a copy of the documents based on which the merger of National Spot Exchange and FTIL was proposed. The documents have to given within for inspection within seven days, said the Court on Friday.
The Ministry of Corporate Affairs has mooted the plan to merge the scam-ridden NSEL with FTIL to recover settlement default of ₹5,600 crore by traders on the defunct exchange.
The High Court also directed FTIL to file its representation within 10 days after receiving the documents from the government. There after, the government will hear all the affected parties within two weeks.
At the request of the Government, the High Court extended the deadline to pass the final order to October 31.
The matter will be placed before the High Court for direction on November 19