FTIL board opposes government's move

Financial exchanges operator Financial Technologies (FTIL) Monday opposed the government's move to remove and supersede its board.

The company said the government's move is an attempt to overcome its opposition to the proposed amalgamation of NSEL (National Spot Exchange Limited) and FTIL.

"After deliberating on the matter and also considering that the issue is totally prejudiced, malafide and not in the interest of FTIL, its board, its employees, its shareholders and other stakeholders, we have decided to contest all issues raised by union of India vigorously as per the law of the land," said Venkat Chary, acting chairman, FTIL.

According to Chary, the company's board is competent enough to deal with the current situation and that it will file a petition before the Bombay High Court or the CLB or any other appropriate forum it deems fit.

The development comes after the company's board which met Sunday passed a resolution to strongly oppose the ministry of corporate affairs (MCA) petition to the company law board (CLB) seeking the 'removal and supersession of the FTIL board.'

The company's scrip at the Bombay Stock Exchange (BSE) closed Monday's trade up 19.98 percent at Rs.214.40 per equity share from its previous close of Rs.178.70 per equity share.