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FTIL board removal case: CLB sets May 6 as next hearing date

K R Srivats | | Updated on: Jan 27, 2018

The Company Law Board (CLB) has set May 6 as the next hearing date in the Financial Technologies board removal case. This emerged at a CLB hearing on Tuesday in the capital.

The Madras High Court had recently agreed to CLB continue hearing the case beyond the earlier set deadline of March 11.

The Madras High Court-- which had set March 11 deadline to complete the hearing -- had recently taken note of the 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 the 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 was set as the next hearing date. The hearing date was later postponed to April 12.

The Centre had recently passed a final order directing the merger of crisis-hit National Spot Exchange Ltd with Financial Technologies (India) Ltd.

This final order had been challenged before the Bombay High Court, which had put a stay till April 22.

Srivats.kr@thehindu.co.in

Published on April 13, 2016
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