BackHC decides to hear petition of FTIL, Jignesh Shah on 8 Jan
Bombay high court asks FMC to file its reply on FTIL's petition by 6 January
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Mumbai: The Bombay high court on Saturday fixed for hearing on 8 January a petition filed by Financial Technologies (India) Ltd (FTIL) and its chief Jignesh Shah challenging an order of Forward Market Commission (FMC) that held that both were not “fit and proper" to run any exchange.
The petition was mentioned by FTIL counsel Janak Dwarkadas before a bench headed by chief justice Mohit Shah which asked the market regulator to file reply by 6 January. The petition has requested for quashing the FMC order that held FTIL is not “fit and proper" to hold anything more than 2% shareholding in Multi-Commodity Exchange (MCX).
FTIL holds a 26% stake in Multi Commodity Exchange of India Ltd (MCX) and is the promoter of crisis-hit National Spot Exchange Ltd (NSEL).
FMC’s order followed a probe into the operations of NSEL in connection with the Rs.5,574.34 crore payment crisis at the commodities spot exchange. PTI
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