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The sale purchase agreement is valid only till mid-October. FTIL has however maintained that it is exiting exchange business and also signing agreement with Kotak bank by month end. "FTIL has written to FMC indicating that the stake sale will be completed by 30 September. A copy of the letter have marked the copy to MCX," said a source from FTIL.
Kotak Mahindra Bank agreed to buy FTIL's 15% stake in MCX in July.
Tomorrow on 24 september results of e-voting will be declared which will decide if shareholders approve related party transactions between MCX and FTIL or empower board to re-negotiate them. Even shareholders' vote on promoting P.K.Singhal to joint MD will also be known.
During the AGM, shareholders were informed that as the exchange sees no immediate future for SME exchange it wanted to start for trading securities the way SME segments are functioning on stock exchanges but now it is looking at winding up operations of the exchange as there are no volumes on the exchange. MCX has also decided not to be in securities business and hence no point in pursuing SME exchange.
Also, MCX is taking required action on the findings of PricewaterhouseCoopers report 12 complaints have been filed.
Sources also said that, MCX is looking at exiting MCX-SX and has already written to Securities Exchange Board of India on the same and is hoping to hear from the stock market regulator soon. As per the June shareholding in MCX SX by MCX is 4.86% stake and is 37.68% if warrants converted. It is also in the process of selling its stake in Dubai based commodity exchange DGCX.
