 "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 B R Raju resigns confessing $1.47-billion manipulation in accounts
Jan 11, 2009: Government nominates Deepak Parekh, Kiran Karnik and C Achuthan to Satyam’s board
(FTIL). Abhineet Kumar takes a brief look at the takeovers:
The Satyam saga
Jan 7, 2009: Chairman of Satyam B R Raju resigns confessing $1.47-billion manipulation in accounts
Also Read
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: National Spot Exchange Ltd (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 Companies Act superseding NSEL’s parent FTIL’s board and merging NSEL with it
Feb 2, 2016: MCA issues final merger order
Feb 2016: FTIL challenges MCA order in the Bombay HC Feb 16, 2016: Bombay HC stays implementation of MCA order till March 2017
April 13, 2009: Tech Mahindra buys a 46% stake in Satyam via a formal public auction
Fight to take over FTIL
July 31, 2013: National Spot Exchange Ltd (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 Companies Act superseding NSEL’s parent FTIL’s board and merging NSEL with it
Feb 2, 2016: MCA issues final merger order
Feb 2016: FTIL 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: FTIL says it will move to Supreme Court
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