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The Bombay High Court has adjourned the hearing on merger of scam-tainted National Spot Exchange with Financial Technologies (now called 63 Moons) to Friday.
The Ministry of Corporate Affairs has proposed the merger of both the companies under Section 396 to recover investors’ dues of ₹5,600 crore. The case is up for hearing before Chief Justice Manjula Chellur and Justice MS Sonak.
Appearing on behalf of FTIL, Harish Salve argued that the “forced merger” order of NSEL with FTIL under Section 396 of Companies Act is not meant as a punitive measure to recover money, and the provision can be exercised only to merge two healthy companies.
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