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The Company Law Board (CLB) has set the next hearing in the Financial Technologies’ Board supersession matter for February 24.
The hearing slated for Friday did not happen and the matter will now be heard on February 24, sources said.
Madras High Court had in December last year set March 11 deadline (three months window) to complete hearing on the matter. The CLB was earlier required to complete hearing in the FTIL case by December 11, 2015.
The Corporate Affairs Ministry (MCA) had on February 25 last year moved the CLB to supersede the FTIL Board.
FTIL had opposed the MCA's petition to CLB to supersede its Board.
In the second week of July, the Madras High Court had put a stay on the CLB's June 30 order barring FTIL from selling or alienating the assets or investments of the company.
FTIL’s oppositionFTIL contended that the MCA petition to supersede the entire new Board of the company was clearly an attempt to ensure that there was no opposition whatsoever from the new Board to the forced amalgamation of NSEL with FTIL.
The Government is targeting to render FTIL's challenge to the forced merger of NSEL under Section 396 nugatory by removing the entire new board, which assumed responsibility in November 2014, according to FTIL.
Srivats.kr@thehindu.co.in
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