The government has issued only a draft order on amalgamating National Spot Exchange Ltd. with Financial Technology and if required, the final order will be issued after considering suggestions submitted by the stakeholders, parliament was told Tuesday."The government has issued only a draft order of merger or amalgamation of National Spot Exchange Limited (NSEL) with Financial Technology (FTIL) in essential public interest under Section 396 of the Companies Act, 1956 on Oct 21," Corporate Affairs Minister Arun Jaitley told Rajya Sabha in a written reply."The final order, if required, will be issued after the consideration of objections or suggestions to be submitted by the stakeholders on the draft order for which they have been given two months' time," he said.
The central government Oct 21 decided to amalgamate NSEL, a spot-trading exchange for agricultural commodities, with its parent FTIL to secure the interests of about 13,000 investors of the Rs.5,600-crore fraud-hit company.According to the draft order, FTIL holds 99.9 percent of the Rs.45 crore share capital of NSEL. NSEL has a net worth of Rs.175.76 crore as on March 31, 2013 while the net worth of FTIL as on that date is Rs.2,712.45 crore.