 "Bombay HC extends stay on NSEL merger with FTIL")
The Bombay High Court on Friday extended deadline for execution of merger of scam-hit National Spot Exchange Ltd (NSEL) with parent Financial Technologies (India) (FTIL) by over a month on request from the government counsel.
The government has sought time to study the amended writ petition filed by FTIL for reply after the Ministry of Corporate Affairs (MCA) ordered the said merger last month and FTIL approached the court for 'stay'.
The MCA, in first such instance, ordered force merger of NSEL with FTIL arguing early settlement of dues.
The government has sought time to study the amended writ petition filed by FTIL for reply after the Ministry of Corporate Affairs (MCA) ordered the said merger last month and FTIL approached the court for 'stay'.
The MCA, in first such instance, ordered force merger of NSEL with FTIL arguing early settlement of dues.
While hearing the case on Friday, the court granted time till April 22, the next date of hearing, to government counsel to file the reply. Till then, the merger will not be effective.
Earlier in February, the Bombay High Court had granted time till March 31 for the said merger while the government counsel was asked to make its submission.
Earlier in February, the Bombay High Court had granted time till March 31 for the said merger while the government counsel was asked to make its submission.
Meanwhile, FTIL challenged the MCA order challenging the force merger.
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