The legal decks have been cleared for the Company Law Board (CLB) to continue hearing the Financial Technologies’ Board suppression issue beyond the earlier set deadline of March 11.
The Madras High Court — which had set March 11 deadline to complete hearing — has taken note of recent developments, including the final merger order passed by the Corporate Affairs Ministry, sources said.
In view of the recent developments, the Madras High Court has taken the position that CLB needs to complete hearing expeditiously without having to be constrained by the earlier set deadline of March 11.
Indications are that this stance of the Madras High Court would be conveyed to CLB on March 10. On the same day, the CLB is expected to set a new date for hearing, sources added.
The Centre had recently passed a final order directing the merger of crisis hit National Spot Exchange Ltd with Financial Technologies (India) Ltd. The final order has been challenged before the Bombay High Court.