SC allows FTIL to use funds for day-to-day operations

The Supreme Court (SC) on Monday modified the order of the Madras High Court, which had partly allowed Financial Technologies (India) Ltd or FTIL to use its assets.  SC allowed FTIL to use funds for its day-to-day functions and wages. ministry had asked CLB to allow government nominees to replace existing directors to prevent alleged fraud and breach of trust following a Rs 5,600-crore scam. merge with National Spot Exchange Ltd (NSEL).     Stock Market Trading Tips

In an interim order, CLB had directed the firm not to alienate its assets or create third-party rights. The Madras High Court partly modified the curb and restricted the bar only to immovable property.The government asked SC to restore the CLB order. Solicitor General Ranjit Kumar said the government wanted to protect investors and FTIL should not create any third-party interest through any transaction in assets and investments.   Himanshu Tiwari Astrologer Blog
Opposing the government's appeal, counsel for the firm A M Singhvi and Amit Sibal argued the CLB order had crippled FTIL's functioning. The company dealt with software licensing only. It was now not able to carry out its day-to-day functions because of the curbs,  Financial Astrology

SC allowed use of funds for normal business activity.  But no third-party rights should be created, it said. CLB will hear the case on May 6. It will deal with the main issues raised by the company and the government.      Personal Numerology

FTIL on Monday said it had been temporarily restrained from disposing its assets or creating third-party rights. "SC has not expressed any view on the merits of the matter. The CLB will decide the issue of whether this restraint should continue or not on May 6. FTIL can continue its day-to-day operations," FTIL said.           Indian stock market astrology prediction