FTIL News

The Bombay High Court on Monday dismissed a petition filed by the erstwhile Financial Technologies (India) Ltd (FTIL) challenging a 2016 decision of the Union government ordering its merger with its subsidiary, National Spot Exchange Ltd (NSEL).

The NSEL scam came to light during the previous UPA regime.

A court here Wednesday remanded FTIL founder Jignesh Shah, arrested in the Rs 5,600-crore National Spot Exchange Limited scam, in the custody of Enforcement Directorate till July 18.

FTIL shares slump nearly 10% after Jignesh Shah's arrest

To protect the interest of investors in the nearly Rs 5,600-crore scam at NSEL, the government has moved the Supreme Court seeking a restrain on parent firm Financial Technologies to prevent possible "asset stripping"

In a first-ever move forcing the amalgamation of two private companies, the MCA has ordered the merger of crisis- hit National Spot Exchange Ltd (NSEL) with its parent FTIL (Financial Technologies India Ltd) in "public interest".

 Financial Technologies on Friday said it has concluded sale of its remaining 5 percent stake in Indian Energy Exchange (IEX).

The Bombay High Court Friday directed the Union Ministry of Corporate Affairs to complete by October 31 the process of passing final order on the proposed merger of National Spot Exchange of India with Financial Technologies (India) Ltd (FTIL).

The companies that fail to submit a compliance report to the exchanges would face penal action by the regulators, a senior official said.

The Supreme Court on Thursday stayed the order of power sector regulator CERC asking Financial Technologies India Ltd (FTIL) to transfer all its shares of India Energy Exchange (IEX) to a trust demat account.

Power sector regulator CERC has asked Financial Technologies to transfer its entire stake in India Energy Exchange (IEX) to a trust demat account of the bourse by July 2 and fully exit the exchange by July 20.

Financial Technologies of India Ltd (FTIL) has begun the process of selling its 23 percent stake in MCX-SX Clearing Corporation in order to comply with market regulator Sebi's order.

FTIL is divesting its stake in IEX following the direction from regulator Central Electricity Regulatory Commission's (CERC) in May last year in the wake of the Rs 5,600 crore payment scam at FTIL's group firm NSEL.

Investors hit by the scam at National Spot Exchange (NSEL) plan to stage a protest tomorrow outside Police Commissioner's office here to express displeasure over "shortcomings" in the investigations into the Rs 5,600 crore scandal that surfaced in 2013.

Crisis-hit Financial Technologies India Ltd (FTIL) Wednesday said it has completed the sale of its entire 5 percent stake in MCX-SX for nearly Rs 89 crore, thus exiting the bourse.

Crisis-hit National Spot Exchange (NSEL), which is being probed several agencies for Rs 5,600 crore alleged scam, Tuesday said vested interests are trying to scuttle its proposed settlement plan to resolve this issue.

NSEL Investors' Action Group has alleged "shoddy investigation" by the Mumbai Police in the Rs 5,600 crore NSEL scam and also accused it of protecting the exchange's promoter FTIL and its founder Jignesh Shah.

Opposing the proposed merger of crisis-hit National Spot Exchange Ltd (NSEL) with its parent FTIL, industry body Assocham has said that a company cannot be held liable for "any alleged liability" of a subsidiary.

FTIL founder Jignesh Shah, MCX-SX's Joseph Massey and former NSEL CEO Anjani Sinha are among 68 accused named in the Enforcement Directorate (ED) charge sheet in the National Spot Exchange Limited scam case.