The Board of Financial Technologies (FTIL) has been given two weeks’ time to complete discussions and negotiations with the bidders and attain the final bid for its stake in MCX.

FTIL currently holds 26 per cent in MCX and has to divest its stake as it has been deemed not ‘fit and proper’ by the commodities market regulator, Forward Markets Commission (FMC).

Meeting on May 24

The FTIL Board will meet on May 24.

Meanwhile, the FTIL board met on May 10 and deliberated the divestment process in the light of the events that took place on Friday.

MCX on Friday informed the stock exchanges of alteration in the memorandum and articles of association of the company besides accepting the resignation of Manoj Vaish, Managing Director and CEO. MCX has constituted a committee of senior executives to manage its day-to-day affairs.

On Thursday (May 8), FMC mandated that it would not approve any new contract for trading in MCX until its order was implemented and directed that the contract launch calendar for 2015 be kept in abeyance.