MCA looking at legal provisions to take over Financial Technologies India

Feb 12 2014, 09:00 IST
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The ministry of corporate affairs (MCA) is pursuing legal provisions to take control of FTIL. Reuters The ministry of corporate affairs (MCA) is pursuing legal provisions to take control of FTIL. Reuters
SummaryMCA has concluded that parent FTIL purposely faulted on conducting prudent.

put FTIL at fault on various accounts of mismanagement and recommended the MCA to take legal action under various sections.

Earlier, the management at MCX and MCX-SX regulated by FMC and SEBI respectively underwent complete overhaul and the board was made independent of FTIL by their regulators.

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