Financial Technologies moves apex court over IEX dividend

By: | Published: January 23, 2016 12:12 AM

Financial Technologies India (FTIL) on Friday moved the Supreme Court seeking release of around Rs 32-crore dividend it had earned on shares held by it...

Financial Technologies India (FTIL) on Friday moved the Supreme Court seeking release of around Rs 32-crore dividend it had earned on shares held by it in India Energy Exchange (IEX), the country’s leading power exchange which has more than 95% of the market share.

The SC sought response from the Central Electricity Regulatory Commission’s (CERC) and IEX on FTIL’s plea claiming its eligibility over dividend 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 sale of all 77.75 lakh shares (25.64% equity on fully diluted basis) put in an scrow account with Axis Bank, FTIL now wants the court to direct release of dividend which had accrued on the shares prior to transfer. “Since the applicant is no longer a shareholder, this application is being filed for directions for release of such accrued dividend,” the application stated.

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