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Record Book for MCA taking over companies

On Jan 7, 2009, Chairman of Satyam B R Raju resigns confessing $1.47-billion manipulation in accounts

Abhineet Kumar 

Record Book for MCA taking over companies

It is not the first time that the Ministry of Corporate Affairs (MCA) is taking over a company in larger public interest.

Earlier, while it succeeded in taking over Satyam Computer, it is still fighting a legal battle for Financial Technologies (India) Ltd (FTIL). Abhineet Kumar takes a brief look at the takeovers: The Satyam saga Jan 7, 2009: Chairman of Satyam resigns confessing $1.47-billion manipulation in accounts Jan 10, 2009: Company Law Board (CLB) bars board of Satyam from functioning and appoints 10 nominal directors Jan 11, 2009: Government nominates Deepak Parekh, Kiran Karnik and C Achuthan to Satyam’s board Feb 5, 2009: Government designates A S Murthy to be the new CEO of Satyam April 13, 2009: Tech Mahindra buys a 46% stake in Satyam via a formal public auction Fight to take over FTIL July 31, 2013: (NSEL) suspends trading contracts following a government order on ~5,574-cr payment default Aug 2014: Forward Markets Commission (FMC) recommends invoking of Section 396 of Act superseding NSEL’s parent FTIL’s board and merging NSEL with it Feb 2, 2016: MCA issues final merger order Feb 2016: challenges MCA order in the Bombay HC Feb 16, 2016: Bombay HC stays implementation of MCA order till March 2017 Dec 4, 2017: Court rejects FTIL’s petition by upholding MCA order Dec 4, 2017: says it will move to Supreme Court

First Published: Sat, December 09 2017. 01:47 IST