Commodities

FTIL board removal: CLB fixes next hearing for May 23

KR Srivats New Delhi | Updated on January 20, 2018




The Company Law Board (CLB) has set May 23 as the next hearing date in the Financial Technologies’ board removal case. This emerged at the CLB hearing on Friday in the Capital.

The next CLB hearing will happen in the backdrop of a Supreme Court order that had modified the Madras High Court order allowing FTIL to use its movable assets.

The apex court had also asked CLB to expedite the matter between FTIL and Union of India.

FTIL has been contending that the MCA petition to supersede the entire new board of the company was clearly an attempt to ensure that there was no opposition whatsoever from the new Board to the forced merger of NSEL with its parent FTIL.

The Government is targeting to render FTIL’s challenge to the forced amalgamation of NSEL with FTIL under section 396 nugatory by removing the entire board, which assumed responsibility in November 2014, according to FTIL.

Meanwhile, the Bombay High Court is expected to hear the NSEL-FTIL merger case on June 15. The new hearing date was set for June 15 after the Government sought more time to response to the challenge of FTIL to the final merger order issued by the Corporate Affairs Ministry.

Published on May 06, 2016

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