Commodities

Financial Technologies case: CLB puts off hearing to June 30

| | Updated on: May 12, 2015

The Company Law Board (CLB) has postponed till June 30 the hearing on the Ministry of Corporate Affairs (MCA) petition to supersede the board of Financial Technologies (India) Ltd (FTIL).

The FTIL case came up for hearing before CLB today and the quasi-judicial body decided to next hear the matter on June 30.

This is the third time that hearing on the FTIL matter had got postponed.

The CLB had on March 19 adjourned the hearing on the matter to April 23, following which the hearing was postponed to May 12.

MCA had moved the CLB seeking the removal and supersession of the FTIL Board under Section 397 of the Companies Act 1956.

FTIL had opposed the Corporate Affairs Ministry’s petition to CLB to supersede the company’s Board.

The company had termed Corporate Affairs Ministry’s effort as an attempt to defeat FTIL’s opposition and challenge to the proposed forced amalgamation of NSEL with FTIL.

The MCA had on February 25 moved the CLB to supersede the FTIL board.

srivats.kr@thehindu.co.in

Published on January 24, 2018

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