The government has been challenged in court for issuing a draft order under Section 396 of the Companies Act, 1956, for the amalgamation of National Spot Exchange Ltd. (NSEL) with Financial Technologies (India) Ltd. (FTIL) on October 21, 2014.
Revealing this information to the Lok Sabha, Corporate Affairs Minister Arun Jaitley said that FTIL has filed a writ petition before the Bombay High Court against the government and in particular against the Ministry of Corporate Affairs, challenging the constitutional validity of the provisions of Section 396 of the Companies Act, 1956, and prayed for the quashing of the said draft order.
Jaitley said that the matter is subjudice presently.
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