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India: Assocham against NSEL merger with parent Financial Technologies

By  |  April 12, 2015

Industry chamber Assocham said on Sunday that it has written to Finance Minister Arun Jaitley to reconsider the draft merger order of the National Spot Exchange with its parent firm Financial Technologies in the larger interests of domestic trade and industry.

“The proposed forced amalgamation of NSEL with FTIL through an administrative order would set a very dangerous precedent in the domestic corporate sector, as it ignores valuable rights granted under law to the various stakeholders of a company,” the Associated Chambers of Commerce and Industry of India said in the letter to Jaitley, who is also the minister of corporate affairs.

Asking the government to reconsider the draft merger order, Assocham said that the proposed amalgamation would have far-reaching ramification for all Indian companies and global investors.

 

Full Content: The Economic Times

 

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