Merger of National Stock Exchange Limited (NSEL) and Financial Technologies India Limited (FTIL)
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The Ministry has issued the Final Order on 12.02.2016 for amalgamation of National Spot Exchange Limited (NSEL) with Financial Technologies (India) Ltd. (FTIL) under Section 396 of the Companies Act, 1956. However, the same has been kept in abeyance pursuant to Orders of the Hon’ble High Court of Bombay.
A total of 50,389 representations (physical papers as well as emails) were received during March, 2015 to October, 2015 in response to the public notice issued by the Ministry of Corporate Affairs, in compliance of provisions of section 396(4)(b) of the Companies Act, 1956. The profile of the authors of these representations, together with their dispositions in respect of the merger proceedings given in Annexure –I.
People’s representatives and others have also represented to the Ministry to initiate action against the persons behind such objections. Representations have been received asking for early action against the persons responsible in the matter. Other than the Ministry of Corporate Affairs, the Economic Offences Wing (EOW) of Mumbai Police and the Directorate of Enforcement (ED) are also investigating the matter. Properties valued at Rs. 5757 crores (approx.) of the accused have been attached by EOW while 32 common properties valued at Rs. 740 crore (by ED) and Rs. 1222.89 crore (by EOW) have been attached. Further, directions have also been given to the Securities and Exchange Board of India to examine and take necessary action against the defaulting brokers.
Annexure -I
Details of representations received in respect of proposed amalgamation of NSEL with FTIL in the Ministry
This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today.
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A total of 50,389 representations (physical papers as well as emails) were received during March, 2015 to October, 2015 in response to the public notice issued by the Ministry of Corporate Affairs, in compliance of provisions of section 396(4)(b) of the Companies Act, 1956. The profile of the authors of these representations, together with their dispositions in respect of the merger proceedings given in Annexure –I.
People’s representatives and others have also represented to the Ministry to initiate action against the persons behind such objections. Representations have been received asking for early action against the persons responsible in the matter. Other than the Ministry of Corporate Affairs, the Economic Offences Wing (EOW) of Mumbai Police and the Directorate of Enforcement (ED) are also investigating the matter. Properties valued at Rs. 5757 crores (approx.) of the accused have been attached by EOW while 32 common properties valued at Rs. 740 crore (by ED) and Rs. 1222.89 crore (by EOW) have been attached. Further, directions have also been given to the Securities and Exchange Board of India to examine and take necessary action against the defaulting brokers.
Annexure -I
Details of representations received in respect of proposed amalgamation of NSEL with FTIL in the Ministry
| Name |
Categories of Senders | |||
| In favour of merger | Against the merger | Suggestions by senders | Total Records | |
| Shareholders FTIL | 2618 | 45803 | 1 | 48422 |
| Shareholders NSEL | 0 | 0 | 0 | 0 |
| Employee FTIL | 0 | 1203 | 0 | 1203 |
| Employee NSEL | 0 | 0 | 0 | 0 |
| Investors NSEL | 479 | 5 | 0 | 484 |
| Creditors FTIL | 0 | 81 | 0 | 81 |
| Creditors NSEL | 39 | 1 | 0 | 40 |
| FTIL | 0 | 2 | 0 | 2 |
| NSEL | 0 | 6 | 0 | 6 |
| Industry Chamber | 0 | 1 | 0 | 1 |
| Investor Forum | 9 | 0 | 0 | 9 |
| Others | 66 | 68 | 7 | 141 |
| Total Records | 3211 | 47170 | 8 | 50389 |
This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today.
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Comments
Vaibhav Chirimar
30-Apr-2016 , 03:16:03 pmthere is very minor error in the news item. What one can understand is that the merger is between the National Spot Exchange Limited and FTIL and not between National Stock Exchange Limited and FTIL. The error makes the news item .......