The Bombay High Court posted the next hearing on March 16 in the case relating to the Centre’s move to supersede the board of Financial Technologies.

As per the Court direction, the Centre on Wednesday filed its response to Financial Technologies’ contention of the Ministry of Corporate Affairs attempting to supersede the company’s board by approaching the Company Law Board.

The Government’s petition with CLB will come for hearing on March 19.

Jay K Bhatia, Senior Counsel of Government, said the Government has moved the Company Law Board to supersede the FTIL board under Section 397, while the amalgamation of NSEL with FTIL is under Section 396 and is being heard by the Bombay High Court.

“These are two statutes of law that are being invoked separately,” he added.

Financial Technologies has the provision to contest the CLB order in the High Court, if the verdict goes against it.

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