The Company Law Board has adjourned till April 17 the hearing on the Ministry of Corporate Affairs (MCA) petition to supersede the Board of Financial Technologies (India) Ltd (FTIL).
Today’s hearing by the CLB was the first in the FTIL case, after the MCA had on February 25 moved the CLB—a quasi judicial body—to supersede the FTIL Board.
The hearing on the Government’s petition with CLB had to be adjourned as the signed order of the recent Bombay High Court’s ruling had not reached CLB.
The Bombay High Court had on March 17 dismissed the plea of FTIL to restrain MCA from superseding the Board of the company.
FTIL had on March 2 filed a petition in the Bombay High Court challenging the MCA decision to supersede the FTIL board under Section 397 of the Companies Act 1956..
srivats.kr@thehindu.co.in