SC sets aside merger of 63 Moons with NSEL
New Delhi, April 30
The Supreme Court on Tuesday ruled against the government decision to merge 63 Moons (formerly Financial Technologies India Ltd) with crisis-ridden and loss-making National Spot Exchange Limited (NSEL).
The apex court allowed an appeal against a Bombay High Court order that upheld the merger decision. “We have allowed the appeal,” said a Bench of Justice Rohinton Fali Nariman and Justice Vineet Saran in their judgment setting aside the high court order.
Justice Nariman said the Bench has set down certain norms that include the objective criteria and public interest for taking recourse to such a merger.
The 63 Moons had moved the Supreme Court challenging the high court’s verdict giving nod to the government decision to merge it with its loss-making subsidiary NSEL. — IANS
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