The National Company Law Tribunal (NCLT) has ordered the central government to set up a five-member committee to oversee the sale of investments of Financial Technologies (India) Ltd (FTIL).
The members of the panel would be a retired Supreme Court judge, two independent directors of FTIL, the managing director of FTIL and a nominee of the Ministry of Corporate Affairs.
According to the NCLT order, the managing director and the nominee of the Ministry of Corporate Affairs will have veto powers individually.
According to the order, the committee will consider sale of investments held by FTIL in compliance with orders passed by any regulatory or statutory authority in India or abroad as and when such sale is proposed by the company management.
The committee will also oversee the treasury operations of FTIL like investment of surplus funds or altering/switching of investments of surplus funds when proposed by the company management.
The committee will also oversee the funding of working capital requirements of FITL's subsidiaries when proposed by the company management.
According to NCLT order, the proceeds of sale of investments shall be deposited in a fixed deposit account to be used with the permission of the tribunal.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )
