NCLAT dismisses govt plea to supersede 63 moons technologies board
The Appellate court upheld the NCLT Chennai order refusing to fully change the boards’ composition and said the Centre can nominate three directors to the board of 63 Moons
March 12, 2020 / 12:43 PM IST
Jignesh Shah, promoter, 63 Moons Technologies (Reuters)
The National Company Law Appellate Tribunal (NCLAT) has on March 12 dismissed the central government’s plea seeking to supersede the board of 63 moons technologies, CNBC-TV18 reported.
The company has been dragged to the tribunal in relation to the Rs 5,600 crore National Spot Exchange (NSEL) payment default case.
The Appellate court upheld the National Company Law Tribunal (NCLT) Chennai bench’s order refusing to fully change the boards’ composition, it said. It has also upheld that the Centre can nominate three directors to the board of 63 Moons Technologies.
As the appeal was dismissed, promoter Jignesh Shah, Divang Narela and one more company director are to be disqualified. The trio will be ineligible to serve on boards of any company.
The NCLT Chennai bench had in June 2018 junked the Centre’s plea to supersede 63 moons’ board and allowed three nominated directors “for the welfare of stakeholders, investments”.