Four investors today have filed a class action suit under Civil Procedural Code (CPC), against Financial Technologies (India) Limited (FTIL) and National Spot Exchange Limited (NSEL) and 40 other related entities to stop them from selling their assets till the court hearing is over.
Modern India, which has invested around Rs 30 crore in NSEL, along with 3 other investors have filed this.
The judge today directed FTIL to file an affidavit in court stating its shareholding in National Bulk Housing Corporation, and disclose all details with respect to proposed sale of NBHC.
According to reports, FTIL has put NBHC on the block for around 150-200 cr and this deal is expected to close soon. The court also asked for certain disclosures from the company on its recent stake sale in the Singapore Mercantile Exchange.
In November, FTIL sold its Singapore Mercantile Exchange unit to the Intercontinental Exchange for 900 crore rupees. La Fin Financial services, a firm promoted by FTIL promoter Jignesh Shah and his wife, has also been asked to disclose it current assets.
The disclosures will have to be filed by 27 January, the court ruled. It will hear the matter again on 14 February. The case could have an impact on FTIL’s ability to sell shares in MCX, in which it holds 26 percent.
FTIL holds a 99.9 percent stake in NSEL. The commodities market regulator, FMC had said last month that FTIL could not hold more than 2 percent of the paid-up capital of MCX.
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