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The Bombay High Court has asked the Ministry of Corporate Affairs to file its response to Financial Technologies’ objection on its move to supersede the company’s board. The case has been posted for next hearing on March 11.
Taking up the case for hearing on Wednesday, Justices VM Kanade and AR Joshi refused to provide any interim relief after being told that the petition filed by MCA in the Company Law Board is slated for hearing on March 19.
The High Court also allowed the commodities market regulator Forward Markets Commission to be a party in the case.
Financial Technologies filed a writ petition in the Bombay High Court on Monday to restrain MCA from moving CLB to replace the entire of FTIL board with Government officials due to negligence of the present directors leading to payment crisis of ₹5,600 crore at NSEL.
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