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The Supreme Court has extended the status quo on the existing stay of the merger of National Spot Exchange Ltd (NSEL) with 63 moons technologies Ltd till the next hearing on August 29.
It may be recalled that at least six special leave petitions, including that of 63 moons technologies (formerly FTIL), were filed in the Supreme Court. The special leave petitions were filed challenging the Bombay High Court verdict upholding a MCA order directing the merger of crisis-hit NSEL with FTIL.
While dismissing the writ petition filed by Financial Technologies (India) Ltd (FTIL), the Bombay High Court had in December last year given a 12-week stay on the operation of the MCA's merger order.
In February 2016, the Ministry had passed a final order directing the merger of scam-hit National Spot Exchange Ltd (NSEL) with FTIL. The draft order was issued in October 2014. It was the first case of the government ordering the merger of two private sector companies (under Section 396 of the Companies Act 1956).
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