NCLT constitutes committee for considering FTIL asset sales
The panel will also consider issues of treasury operations of FTIL like investment of its surplus funds and funding of working capital needs of its subsidiaries
New Delhi: The newly-formed National Company Law Tribunal has set up a five-member committee to consider the sale of certain investments as and when proposed by the Jignesh Shah-promoted Financial Technologies (India) Ltd (FTIL).
In June 2015, the company law board had restricted FTIL from creating third party rights on its assets and investments. The NCLT order on Thursday modified this.
The panel comprises two independent directors of FTIL, its managing director, a retired judge, a member of the NCLT and a government nominee.
The retired judge and the government nominee will have veto powers.
The committee will also consider issues of treasury operations of FTIL like investment of its surplus funds and funding of working capital needs of its subsidiaries.
Any fund generated from the sale will be deposited in a fixed deposit account.
FTIL will need NCLT’s permission to use the funds.
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