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63 moons technologies (formerly FTIL) has filed a special leave petition (SLP) in the Supreme Court challenging the Bombay High Court verdict upholding an MCA order directing the merger of scam-hit NSEL with FTIL. The apex court will hear the matter on this SLP filed by 63 moons technologies on February 16, sources said.
It is understood that at least five SLPs, including those from 63 moons, NSEL, Jignesh Shah, some FTIL employees and shareholders have been filed before the Supreme Court. It may be recalled that 63 moons technologies Chairman, Venkat Chary, had in January this year told BusinessLine that this company would move the Supreme Court challenging the Bombay High Court verdict well before the expiry of the 12-week stay period.
While dismissing the writ petition filed by Financial Technologies (India) Ltd (FTIL), the Bombay High Court had in December last year given a 12-week stay on the operation of the MCA's merger order. The Bombay High Court had then dismissed a petition filed by 63 moons technologies opposing the Ministry of Corporate Affairs’ (MCA) order.
In February 2016, the Ministry had passed a final order directing the merger of scam-hit National Spot Exchange Ltd (NSEL) with FTIL. The draft order was issued in October 2014. It was the first case of the government ordering the merger of two private sector companies (under Section 396 of the Companies Act 1956)
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