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| Exchange Disseminated Time | Financial Technologies (India) Ltd has informed BSE that :
"This is further to the announcement made by Financial Technologies (India) Limited (the “'Company”) on October 21, 2014, that the (i) Company has received a communication from Ministry of Corporate Affairs on the Draft Order of Amalgamation, for proposed forced amalgamating National Spot Exchange Limited (NSEL) with the Company, in terms of Section 396(1) of the Companies Act, 1956 (the “Draft Order”), and (ii) Company is taking appropriate steps in the matter, in consultation with its legal counsel.
The Board took note of the appointment of Amarchand & Mangaldas & Suresh A. Shroff & Co. (AMSS) as its Principal law firm.
FTIL, being aggrieved by the Draft Order and the proposed forced amalgamation, the Company, along with a few shareholders, has filed a writ petition before the Hon’ble Bombay High Court, under Article 226 of the Constitution of India, inter alia challenging the issuance of the Draft Order and / or any forced amalgamation as proposed or howsoever." |
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