Opposed to merger with FTIL, says NSEL

Terming it “illegal and malafide”, NSEL opposed the ministry of corporate affairs’ (MCA) proposal to merge the firm with its parent company Financial Technologies (India) Ltd (FTIL).

By: ENS Economic Bureau | New Delhi | Published:October 16, 2015 2:56 am

Terming it “illegal and malafide”, fraud-hit National Spot Exchange Limited (NSEL) on Wednesday opposed the ministry of corporate affairs’ (MCA) proposal to merge the firm with its parent company Financial Technologies (India) Ltd (FTIL).

“It is a misconception that the money will come from FTIL after the amalgamation. We believe that FMC and certain other officials misled the MCA into passing the draft order,” Prakash Chaturvedi, MD & CEO, NSEL, said. He added that the FMC has not taken any recognisable action against brokers who indulged in wrong doing while it “illegally declared FTIL not fit and proper”.

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