Supreme Court of India
The Supreme Court has extended a stay on the Bombay High Court order to merge the National Spot Exchange Ltd (NSEL) with FTIL till the next hearing, scheduled for April 18. The high court had on December 4 last year dismissed a writ petition filed by 63 moons technologies (earlier named FTIL), opposing the Ministry of Corporate Affairs (MCA) order on the NSEL-FTIL merger.
It, however, gave a 12-week stay on the operation of the MCA merger order. As such, the stay order was valid till March 3. 63 moons, NSEL, some FTIL employees and shareholders had filed special leave petitions in the Supreme Court against the Bombay High Court order. MCA had ordered merger of NSEL with FTIL in February 2016.