The Supreme Court on Tuesday directed the Indian Energy Exchange (IEX) to release within two weeks around `32 crore in dividends that accrued to Financial Technologies India (FTIL) towards the 26.6% stake it held in the energy bourse until September.
The order came on an application by FTIL seeking release of the dividend it had earned on shares held by it in IEX. Both IEX and the Central Electricity Regulatory Commission did not oppose Financial Technologies’ plea before a bench headed by Justice Ranjan Gogoi.
FTIL had claimed its eligibility after it divested its entire 25.64% stake in IEX pursuant to the apex court’s August order. While it has divested 100% of its shareholding in IEX and completed the sale of all 77.75 lakh shares (25.64% equity on fully diluted basis) put in an escrow account with Axis Bank, FTIL wanted release of dividend which had accrued on the shares prior to transfer.