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The Supreme Court will on April 18 hear arguments on the six special leave petitions (SLPs) challenging the Bombay High Court verdict in the NSEL-FTIL merger matter. The apex court bench of Justices Rohinton Fali Nariman and Navin Sinha on Friday maintained status quo till April 18 the existing stay (earlier valid till March 3) on operation of the MCA's merger order.
It may be recalled that the Bombay High Court had on December 4 last year dismissed a writ petition filed by 63 technologies (formerly FTIL) opposing the Ministry of Corporate Affairs (MCA) order and given a 12-week stay on the operation of the MCA merger order. 63 moons, NSEL, some FTIL employees and shareholders had recently filed SLPs in the Supreme Court challenging the Bombay High Court verdict upholding an MCA order.
In February 2016, the MCA had passed a final order directing the merger of scam-hit NSEL with FTIL.
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