SC sets aside order for merger of NSEL with 63 Moons

The Supreme Court on April 30 set aside a government order to merge National Spot Exchange (NSEL) with its parent 63 Moons Technologies, as it doesn't satisfy the criteria of 'public interest'. The court said it has laid down what constitutes public interest.

The merger proposed by the Ministry of Corporate Affairs (MCA) in 2016 was the first case when the centre passed a merger order of the two private companies in 'public interest'. The matter was appealed in the Bombay HC, which upheld it in December 2017.

On April 11, the apex court had reserved judgement on PILs filed by 63 Moons, NSEL, Jignesh Shah, a few Financial Technologies of India Ltd (FTIL) employees and shareholders.

Reacting to the April 30 decision, 63 Moons stated that they had faith in the Indian judiciary and the courts and the truth has prevailed.

NSEL investors had also approached the PMO and MCA highlighting the delay in the case and recovery of their dues. They received only Rs 65 crore of the recovery amount in the six years since the scam broke out on July 31, 2013. The total claim is for Rs 5,600 crore.