<h1>FTIL challenges draft order for NSEL merger u/s 396 in Bombay High Court, questioning constitutional validity.</h1> The government issued a draft order for the amalgamation of National Spot Exchange Ltd. (NSEL) with Financial Technologies India Ltd. (FTIL) under Section 396 of the Companies Act, 1956. In response, FTIL filed a writ petition in the Bombay High Court against the Union of India and the Ministry of Corporate Affairs, challenging the constitutional validity of Section 396 and seeking to quash the draft order. The case is currently pending. This information was provided by the Minister of Corporate Affairs, Arun Jaitley, in a written reply to a question in the Lok Sabha.