Stocks

FTIL-NSEL merger: Govt gets more time to respond to FTIL plea

KR Srivats New Delhi | Updated on January 27, 2018

The Centre has got four more weeks time to respond to FTIL's revised plea challenging the constitutional validity of Section 396 of Companies Act.

The Corporate Affairs Ministry had earlier this year issued a final merger order (under Section 396) directing the merger of crisis ridden NSEL with Financial Technologies (India) Ltd (FTIL).

At a hearing today, the Bombay High Court decided to give four more weeks to the Government to file it's response to FTIL's plea.

The next hearing has been fixed for July 25, sources said.

On June 9, the Centre had moved the Bombay High Court seeking six weeks time to respond to the FTIL plea. This came a day before the earlier set deadline of June 10 by when the Government had to file its response.

srivats.kr@thehindu.co.in

Published on June 23, 2016

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