 "NSEL scam: NCLT directs govt to put interim report on record")
The National Company Law Tribunal (NCLT) has asked the central government to place on record an interim report by the Serious Fraud Investigation Office (SFIO) in connection with the alleged National Spot Exchange Ltd (NSEL) scam and related matters in two weeks.
The report was with the Centre, counsel appearing for various parties said when the government’s petition against Financial Technologies (India) Ltd (FTIL) — now renamed 63 Moon Technologies — came up for hearing in the NCLT on Thursday.
The hearing was adjourned to October 3 for arguments on the impleading petitions, while the final hearing is expected in the latter part of the month.
According to earlier reports, the government had directed the SFIO almost an year back to probe FTIL and its associate companies in connection with alleged irregularities in the NSEL.
The Centre had initially filed a petition against FTIL in the NCLT, Delhi. The matter was later transferred to the Chennai bench. The government, in February last year, directed the merger of NSEL with FTIL in the wake of a Rs 5,600 crore crisis at NSEL.
The Centre had initially filed a petition against FTIL in the NCLT, Delhi. The matter was later transferred to the Chennai bench. The government, in February last year, directed the merger of NSEL with FTIL in the wake of a Rs 5,600 crore crisis at NSEL.
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