National Spot Exchange Ltd. (NSEL) and Financial Technologies India Ltd. (FTIL)

The Government issued a Draft Order under Section 396 of the Companies Act, 1956, for amalgamation of National Spot Exchange Ltd. (NSEL) with Financial Technologies (India) Ltd. (FTIL) on 21-10-2014. In the meanwhile, FTIL filed a Writ Petition before the Hon’ble High Court of Bombay Judicature, against the Union of India/Ministry of Corporate Affairs, challenging the constitutional validity of the provisions of Section 396 of the Companies Act, 1956 and praying for quashing of the said Draft Order. The matter is subjudice at present.

 This information was given by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha.