The Company Law Board (CLB) has set April 6 as the next hearing date in the Financial Technologies board removal matter.
This follows the Madras High Court recently agreeing to allow CLB continue hearing the matter beyond the earlier set deadline of March 11.
The Madras High Court — which had late last year set a March 11 deadline to complete hearing — had recently taken note of developments, including the final merger order passed by the Corporate Affairs Ministry.
In view of the recent developments, the Madras High Court had taken the position that CLB needs to complete its hearing expeditiously without having to be constrained by the earlier set deadline of March 11.
This stance of the Madras High Court was conveyed to CLB on March 10, following which April 6 has been set as the next hearing date.
The Centre had recently passed a final order directing the merger of the crisis-hit National Spot Exchange Ltd with Financial Technologies (India) Ltd.
This final order has been challenged before the Bombay High Court, which is likely to hear the matter on March 17.
The MCA's final order has been stayed by the Bombay High Court till March 31.