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| Exchange Disseminated Time | As advised by SEBI vide letter dated March 19, 2015 the following advisory is being issued in the interests of investors.
Ministry of Corporate Affairs has issued a draft order dated October 21, 2014, inter-alia, proposing merger of National Spot Exchange Limited (NSEL) with Financial Technologies (India) Limited (FTIL). The proposed order was challenged before Hon'ble Bombay High Court by FTIL. The Hon'ble High Court, vide order dated February 04, 2015, has inter-alia, directed as under:
".. the Central Government may consider passing a final order after hearing contentions of Petitioners and Respondent - National Spot Exchange Limited and all other interested parties. Petitioners and all other interested parties may file their objections within thirty days and within four weeks thereafter Central Government may pass appropriate order after giving brief hearing to all the interested parties. It is, however, clarified that all contentions raised by the Petitioners - Financial Technologies ((India) Limited in this Petition and by the shareholders of NSEL and all other parties regarding jurisdiction of the Central Government to issue the said order as also regarding challenge to the validity of the said sections are kept open and, therefore, we propose to keep these Petitions pending. It is further clarified that if any adverse order is passed, the same shall not be notified for a period of two weeks after the order is communicated to the Petitioner. It is clarified that Central Government may give brief hearing to the parties mentioned in section 396 of the Companies Act.
In view of the above, the order of status quo passed by us on 27/11/2014 is vacated. It is clarified that Central Government may pass such other orders which the Central Government deems fit and proper in accordance with law...."
Copies of the Draft order of MCA and Order of Hon'ble High Court of Bombay dated February 04, 2015 in the matter are available at the following links: Draft order of MCA - {http://www.mca.gov.in/Ministry/pdf/Draft_Order_of_Merger.pdf}
Order of Hon'ble High Court of Bombay dated February 04, 2015 - {http://bombayhighcourt.nic.in/generatenewauth.php?auth=cGF0aD0uL2RhdGEvb3JpZ2luYWwvMjAxNS8mZm5hbWU9V1AyOTE0MTQwNDAyMTUucGRmJnNtZmxhZz1O}
The investors may note that the matter is presently sub-judice.
The above information is being provided to investors to help them take an informed decision." |
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