The board of Financial Technologies had on Sunday "strongly opposed" the Corporate Affairs Ministry's (MCA) petition to the Company Law Board (CLB) seeking removal and supersession of FTIL board.
This petition to CLB is a clear attempt by the MCA to render ineffective, and in fact defeat FTIL's challenge and opposition to the proposed amalgamation of NSEL with FTIL, the FTIL said in a statement.
FTIL will challenge the MCA's move (to file petition with CLB) in the Bombay High Court, the statement added.