MCX-SX Clearing Corporation has called for an extraordinary general meeting on Tuesday to put the 23 per cent stake held by Financial Technologies India in an escrow account and sell it off if the company fails to find a buyer by itself.

Same method

The EGM will consider amending the Articles of Association and extinguish the voting rights of FTIL besides putting the 57.50 lakh equity shares held by it in escrow account, said sources. Incidentally, MCX and Metropolitan Stock Exchange had also followed the same procedure to force FTIL to sell its stake in them.

Metropolitan Stock Exchange (formerly MCX Stock Exchange) and MCX own 51 per cent and 26 per cent stake respectively in the clearing corporation. While FTIL has to sell its stake completely, MCX cannot hold more than 5 per cent under the Stock Exchange and Clearing Corporation regulation.

The proposed EGM may also discuss the modality of enhancing the networth to ₹100 crore from ₹30 crore before June 29 as prescribed by SEBI, said sources.

Seeks deadline extension

Incidentally, sources said the exchange has written a letter to the market regulator seeking extension of the deadline to meet the networth criteria as the ongoing rights issue to raise ₹120 crore closes only on July 8. The exchange intends to use ₹70 crore mopped up from the rights issue to meet the networth requirement of the clearing corporation.

The remaining ₹50 crore from the rights issue made in the ratio of 1:1 will be utilised to enhance its business prospects. According to SEBI norms, clearing corporations have to enhance their net worth to ₹200 crore by 2016 and further to ₹300 crore by 2017.

Earlier, FTIL’s attempts to sell its stake in the clearing corporation were thwarted by NSEL investors through complaints with the Economic Offences Wing of Mumbai police and the Enforcement Directorate to safeguard their receivables from the troubled spot exchange.

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