172@29@17@240!~!172@29@0@53!~!|news|business|companies|nclat-dismisses-govt-plea-to-supersede-63-moons-technologies-board-5025481.html!~!|controller|infinite_scroll_article.php
Moneycontrol
Financial Freedom Offer: Subscribe to Moneycontrol Pro and grab benefits worth ₹15,000/-
Last Updated : Mar 12, 2020 12:43 PM IST | Source: Moneycontrol.com

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

Jignesh Shah, promoter, 63 Moons Technologies (Reuters)
Jignesh Shah, promoter, 63 Moons Technologies (Reuters)
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

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.

Close

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”.
First Published on Mar 12, 2020 12:43 pm
Sections