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The Bombay High Court on Tuesday adjourned the hearing of the MCX case against the Metropolitan Stock Exchange of India to September 23 even as the stock exchange contested the jurisdiction of the court.
As directed by the High Court, the stock exchange deposited ₹20 crore and argued that the case should be heard by the Securities Appellate Tribunal. MCX had filed a writ petition against MSEI for cancelling its warrants worth ₹42 crore.
MCX owned 58.26 crore warrants of MSEI. Of this, it had put 20 crore on auction and received bids for 14.83 crore warrants. The warrants were supposed to be converted into equity by June 19, according to the three-year validity period provided at the time of allotment. Through its letter on June 19, MCX surrendered its warrants and asked MSEI to refund ₹42 crore. Since the remaining warrants were not converted into equity it was cancelled by the board of MSEI on June 27 and the amount was added to its networth.
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