Mumbai: The Bombay High Court Friday directed the Union Ministry of Corporate Affairs to complete by October 31 the process of passing final order on the proposed merger of National Spot Exchange of India with Financial Technologies (India) Ltd (FTIL).
Justice Gautam Patel asked the Ministry to provide the documents required by FTIL and give it a hearing in two weeks.
Commodity market regulator Forward Markets Commission (FMC) had late last year proposed to merge NSEL with FTIL, as demanded by investors following the Rs 5,600-crore payment crisis at the exchange.
The FMC proposal came after it felt that the workforce and financial strength of NSEL has been depleted and so it was "financially and physically incapable of effecting any substantial recovery from the defaulting members".
FTIL challenged the decision in the Bombay High Court which ordered status quo on the draft order.
