An FTIL official confirmed the move. “Since the case is already filed on a similar issue, we will move the Bombay High Court to make a mention of the latest MCX board decision,” said the official.
ALSO READ: FTIL threatens legal action against MCX
FTIL said the MCX board wasn’t empowered to freeze its promoter/anchor investor’s voting rights in excess of 2% and ask the promoter to cut its stake from 26% to less than 2%.
On Friday, the MCX board had announced these decisions, following a Forward Markets Commission (FMC) order that said FTIL wasn’t “fit and proper” to run the exchange.
Saying mismanagement by FTIL had led to a Rs 5,600-crore payment crisis in subsidiary National Spot Exchange Ltd, the FMC had said FTIL wasn’t “fit and proper” to hold more than 2% in MCX. FTIL has challenged FMC’s order in the Bombay High Court.
The MCX board also decided to order FTIL to open a joint escrow account and depository participants to transfer FTIL’s over 2% stake in that account.
ALSO READ: MCX moves Sebi to skip SX stake sale
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