It's a breather for Financial Technologies. The Supreme Court has stayed the Central Electricity Regulatory Commission's order which had asked the Jignesh Shah-promoted company to transfer its stake in Indian Electricity Exchange first to an escrow account and complete the stake sale by July 20.
Financial Technologies, which is also the promoter of IEX, had claimed that the CERC order is in violation of the Company Law Board's directive which has put a freeze on any sale of assets by FTIL.
The company claims that it won't be able to realise the best commercial value for its stake if all the shares are transferred to an escrow account.
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