{"id":4938,"date":"2019-04-30T07:43:01","date_gmt":"2019-04-30T07:43:01","guid":{"rendered":"http:\/\/financeintellect.com\/home-page\/home\/?p=4938"},"modified":"2019-04-30T07:43:01","modified_gmt":"2019-04-30T07:43:01","slug":"supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies","status":"publish","type":"post","link":"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/","title":{"rendered":"Supreme Court puts on hold NSEL merger with 63 Moon Technologies"},"content":{"rendered":"<p style=\"text-align: justify;\">The Supreme Court today set aside the Union Government\u2019s decision to merge\u00a0<strong>National Spot Exchange Ltd (NSEL)<\/strong>\u00a0 with\u00a0Financial Technologies India Ltd (FTIL), now\u00a0<strong>63 Moon Technologies Ltd<\/strong>.<\/p>\n<p style=\"text-align: justify;\">NSEL, which was promoted by the then FTIL, closed in 2013 after a major payment default. NSEL has since been ordered not to enter into any fresh contracts by the Forward Markets Commission (FMC), which has since been integrated into the Securities and Exchange Board of India (SEBI).<\/p>\n<p style=\"text-align: justify;\">After the scam,\u00a0the Ministry of Corporate Affairs (MCA) has decided to issue\u00a0a final order for merger\/amalgamation of NSEL with FTIL under Section 396 of the Companies Act, 1956. In February 2016, the MCA had given a final order directing the merger of scam-hit NSEL with FTIL.\u00a0FTIL, promoted by Jignesh Shah, is the parent company of NSEL with 99% shareholding.<\/p>\n<p style=\"text-align: justify;\">The draft order was issued in October 2014. It was the first time this section was persuaded by the government for a forced merger between two private companies. If materialized, such a merger would have forced NSEL\u2019s liabilities on FTIL and make FTIL a party to the ongoing litigation.<\/p>\n<p style=\"text-align: justify;\">The decision was first challenged at the Bombay High Court by FTIL but\u00a0was dismissed in December 2017. An appeal was made to the Supreme Court.<\/p>\n<p style=\"text-align: justify;\">The appeal has been allowed\u00a0said a bench of Justice\u00a0<strong>Rohinton Fali Nariman<\/strong>\u00a0and Justice\u00a0<strong>Vineet Saran,\u00a0<\/strong>in their judgment setting aside the High Court order.<\/p>\n<p style=\"text-align: justify;\">The Court today held that the merger doesn\u2019t satisfy the criteria of \u2018public interest\u2019 and laid down a set of guidelines on what \u2018public interest\u2019 would amount to.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Supreme Court today set aside the Union Government\u2019s decision to merge\u00a0National Spot Exchange Ltd (NSEL)\u00a0 with\u00a0Financial Technologies India Ltd (FTIL), now\u00a063 Moon Technologies Ltd. NSEL, which was promoted by the then FTIL, closed in 2013 after a major payment default. NSEL has since been ordered not to enter into any fresh contracts by the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8],"tags":[3791,3792,3790],"class_list":["post-4938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-india-inc","tag-63-moon-technologies-ltd","tag-ftil","tag-national-spot-exchange-ltd-nsel"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Supreme Court puts on hold NSEL merger with 63 Moon Technologies - Finance Intellect<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Supreme Court puts on hold NSEL merger with 63 Moon Technologies - Finance Intellect\" \/>\n<meta property=\"og:description\" content=\"The Supreme Court today set aside the Union Government\u2019s decision to merge\u00a0National Spot Exchange Ltd (NSEL)\u00a0 with\u00a0Financial Technologies India Ltd (FTIL), now\u00a063 Moon Technologies Ltd. NSEL, which was promoted by the then FTIL, closed in 2013 after a major payment default. NSEL has since been ordered not to enter into any fresh contracts by the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/\" \/>\n<meta property=\"og:site_name\" content=\"Finance Intellect\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-30T07:43:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/financeintellect.com\/wp-content\/uploads\/2019\/04\/supreme_court_0_0.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"647\" \/>\n\t<meta property=\"og:image:height\" content=\"363\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Team Finance Intellect\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Team Finance Intellect\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/\"},\"author\":{\"name\":\"Team Finance Intellect\",\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/#\/schema\/person\/8b5a59fca13673b990c789631416f48e\"},\"headline\":\"Supreme Court puts on hold NSEL merger with 63 Moon Technologies\",\"datePublished\":\"2019-04-30T07:43:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/\"},\"wordCount\":273,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/financeintellect.com\/wp-content\/uploads\/2019\/04\/supreme_court_0_0.jpeg\",\"keywords\":[\"63 Moon Technologies Ltd.\",\"FTIL\",\"National Spot Exchange Ltd (NSEL)\"],\"articleSection\":[\"India Inc\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/\",\"url\":\"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/\",\"name\":\"Supreme Court puts on hold NSEL merger with 63 Moon Technologies - Finance Intellect\",\"isPartOf\":{\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/financeintellect.com\/wp-content\/uploads\/2019\/04\/supreme_court_0_0.jpeg\",\"datePublished\":\"2019-04-30T07:43:01+00:00\",\"author\":{\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/#\/schema\/person\/8b5a59fca13673b990c789631416f48e\"},\"breadcrumb\":{\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/#primaryimage\",\"url\":\"https:\/\/financeintellect.com\/wp-content\/uploads\/2019\/04\/supreme_court_0_0.jpeg\",\"contentUrl\":\"https:\/\/financeintellect.com\/wp-content\/uploads\/2019\/04\/supreme_court_0_0.jpeg\",\"width\":647,\"height\":363},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/financeintellect.com\/home-page\/home\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Supreme Court puts on hold NSEL merger with 63 Moon Technologies\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/#website\",\"url\":\"https:\/\/financeintellect.com\/home-page\/home\/\",\"name\":\"Finance Intellect\",\"description\":\"Get business and finance insights\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/financeintellect.com\/home-page\/home\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/#\/schema\/person\/8b5a59fca13673b990c789631416f48e\",\"name\":\"Team Finance Intellect\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/4c0a180f6df33c7efda4a01bbf6d8981f70509af7fcc506a312b85cf5162f186?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/4c0a180f6df33c7efda4a01bbf6d8981f70509af7fcc506a312b85cf5162f186?s=96&d=mm&r=g\",\"caption\":\"Team Finance Intellect\"},\"url\":\"https:\/\/financeintellect.com\/home-page\/home\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Supreme Court puts on hold NSEL merger with 63 Moon Technologies - Finance Intellect","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/","og_locale":"en_US","og_type":"article","og_title":"Supreme Court puts on hold NSEL merger with 63 Moon Technologies - Finance Intellect","og_description":"The Supreme Court today set aside the Union Government\u2019s decision to merge\u00a0National Spot Exchange Ltd (NSEL)\u00a0 with\u00a0Financial Technologies India Ltd (FTIL), now\u00a063 Moon Technologies Ltd. NSEL, which was promoted by the then FTIL, closed in 2013 after a major payment default. NSEL has since been ordered not to enter into any fresh contracts by the [&hellip;]","og_url":"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/","og_site_name":"Finance Intellect","article_published_time":"2019-04-30T07:43:01+00:00","og_image":[{"width":647,"height":363,"url":"https:\/\/financeintellect.com\/wp-content\/uploads\/2019\/04\/supreme_court_0_0.jpeg","type":"image\/jpeg"}],"author":"Team Finance Intellect","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Team Finance Intellect","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/#article","isPartOf":{"@id":"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/"},"author":{"name":"Team Finance Intellect","@id":"https:\/\/financeintellect.com\/home-page\/home\/#\/schema\/person\/8b5a59fca13673b990c789631416f48e"},"headline":"Supreme Court puts on hold NSEL merger with 63 Moon Technologies","datePublished":"2019-04-30T07:43:01+00:00","mainEntityOfPage":{"@id":"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/"},"wordCount":273,"commentCount":0,"image":{"@id":"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/#primaryimage"},"thumbnailUrl":"https:\/\/financeintellect.com\/wp-content\/uploads\/2019\/04\/supreme_court_0_0.jpeg","keywords":["63 Moon Technologies Ltd.","FTIL","National Spot Exchange Ltd (NSEL)"],"articleSection":["India Inc"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/","url":"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/","name":"Supreme Court puts on hold NSEL merger with 63 Moon Technologies - Finance Intellect","isPartOf":{"@id":"https:\/\/financeintellect.com\/home-page\/home\/#website"},"primaryImageOfPage":{"@id":"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/#primaryimage"},"image":{"@id":"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/#primaryimage"},"thumbnailUrl":"https:\/\/financeintellect.com\/wp-content\/uploads\/2019\/04\/supreme_court_0_0.jpeg","datePublished":"2019-04-30T07:43:01+00:00","author":{"@id":"https:\/\/financeintellect.com\/home-page\/home\/#\/schema\/person\/8b5a59fca13673b990c789631416f48e"},"breadcrumb":{"@id":"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/#primaryimage","url":"https:\/\/financeintellect.com\/wp-content\/uploads\/2019\/04\/supreme_court_0_0.jpeg","contentUrl":"https:\/\/financeintellect.com\/wp-content\/uploads\/2019\/04\/supreme_court_0_0.jpeg","width":647,"height":363},{"@type":"BreadcrumbList","@id":"https:\/\/financeintellect.com\/home-page\/home\/supreme-court-puts-on-hold-nsel-merger-with-63-moon-technologies\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/financeintellect.com\/home-page\/home\/"},{"@type":"ListItem","position":2,"name":"Supreme Court puts on hold NSEL merger with 63 Moon Technologies"}]},{"@type":"WebSite","@id":"https:\/\/financeintellect.com\/home-page\/home\/#website","url":"https:\/\/financeintellect.com\/home-page\/home\/","name":"Finance Intellect","description":"Get business and finance insights","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/financeintellect.com\/home-page\/home\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/financeintellect.com\/home-page\/home\/#\/schema\/person\/8b5a59fca13673b990c789631416f48e","name":"Team Finance Intellect","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/financeintellect.com\/home-page\/home\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/4c0a180f6df33c7efda4a01bbf6d8981f70509af7fcc506a312b85cf5162f186?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4c0a180f6df33c7efda4a01bbf6d8981f70509af7fcc506a312b85cf5162f186?s=96&d=mm&r=g","caption":"Team Finance Intellect"},"url":"https:\/\/financeintellect.com\/home-page\/home\/author\/admin\/"}]}},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/financeintellect.com\/wp-content\/uploads\/2019\/04\/supreme_court_0_0.jpeg","_links":{"self":[{"href":"https:\/\/financeintellect.com\/home-page\/home\/wp-json\/wp\/v2\/posts\/4938","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financeintellect.com\/home-page\/home\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financeintellect.com\/home-page\/home\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financeintellect.com\/home-page\/home\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/financeintellect.com\/home-page\/home\/wp-json\/wp\/v2\/comments?post=4938"}],"version-history":[{"count":1,"href":"https:\/\/financeintellect.com\/home-page\/home\/wp-json\/wp\/v2\/posts\/4938\/revisions"}],"predecessor-version":[{"id":4941,"href":"https:\/\/financeintellect.com\/home-page\/home\/wp-json\/wp\/v2\/posts\/4938\/revisions\/4941"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financeintellect.com\/home-page\/home\/wp-json\/wp\/v2\/media\/4940"}],"wp:attachment":[{"href":"https:\/\/financeintellect.com\/home-page\/home\/wp-json\/wp\/v2\/media?parent=4938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financeintellect.com\/home-page\/home\/wp-json\/wp\/v2\/categories?post=4938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financeintellect.com\/home-page\/home\/wp-json\/wp\/v2\/tags?post=4938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}