Reliance Capital writes to FMC, says MCX not cooperating in FTIL stake sale

Apr 26 2014, 14:06 IST
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Reliance Capital, one of the 9 reported bidders looking to acquire Jignesh Shah-promoted Financial Technologies’ stake in MCX, has asked FMC to assume full control of planned stake sale. Reliance Capital, one of the 9 reported bidders looking to acquire Jignesh Shah-promoted Financial Technologies’ stake in MCX, has asked FMC to assume full control of planned stake sale.
SummaryMCX, FTIL reject Reliance Capital's allegation, claim process is transparent.

statement, the anchor investor of MCX claimed that all transactions between MCX and FTIL have been clearly disclosed in MCX’s statutory audit conducted by leading auditors for past ten years.

“Also, all transactions between the two companies were clearly based on commercial agreements, which were disclosed in detail in MCX’s final red herring prospectus filed in 2012, based on which the market regulator allowed MCX’s IPO in March 2012,” added the FTIL press release.

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