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FTIL, NSEL Merger Ordered

PUBLISHED BY: SURENDER KUMAR
FEBRUARY 24, 2016

   
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FTIL, NSEL Merger Ordered

Holding the FTIL responsible for the liabilities of the fraud-hit commodities bourse, the ministry of corporate affairs (MCA) has ordered a merger between two private entities – Financial Technologies India Ltd (FTIL) and National Spot Exchange Ltd (NSEL), by using a provision of the Companies Act that allows it do so in public interest. It’s became the first-ever instance of the government forcing a merger between two private entities.
 


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