FTIL Board opposes MCA petition to CLB; stock hits 20% upper circuit
"We have decided to contest all issues raised by Union of India vigorously as per the law of the law of the land," said Venkat Chary, acting chairman of FTIL.
By ET Online | Updated:
MUMBAI: Shares of Financial Technologies (FTIL) hit an upper circuit of 20 per cent to settle at Rs 214.40 on Monday after the company Board unanimously decided to oppose the Ministry of Corporate Affair's petition to the Company Law Board (CLB) seeking removal and supersession of FTIL Board.
"After deliberating on the matter and also considering that the issue is totally prejudice, malafide and not in the interest of FTIL, its board, its employees, its shareholders and other stake holders, we have decided to contest all issues raised by Union of India vigorously as per the law of the law of the land," said Venkat Chary, acting chairman of FTIL in a filing to stock exchanges.
He added that the Board is competent enough to deal with current situation and the company will file a petition before the Bombay High Court or the CLB or any other appropriate forum it deems fit.
"After deliberating on the matter and also considering that the issue is totally prejudice, malafide and not in the interest of FTIL, its board, its employees, its shareholders and other stake holders, we have decided to contest all issues raised by Union of India vigorously as per the law of the law of the land," said Venkat Chary, acting chairman of FTIL in a filing to stock exchanges.
He added that the Board is competent enough to deal with current situation and the company will file a petition before the Bombay High Court or the CLB or any other appropriate forum it deems fit.
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