Assessment Order under sub-section (3) of section 396 of the Companies Act, 1956 read with rule 12-A of the Companies(Central Government's) General Rules and Forms,1956 in the matter of proposed amalgamation of National Spot Exchange Limited(dissolved company) with its holding company, Financial Technologies (India) Limited (transfree company) - S.O. 924(E), - Companies Law

Ministry Orders Amalgamation of NSEL with FTIL; Share Exchange Ratio Set Under Companies Act, 1956, Section 396

The Ministry of Corporate Affairs issued an order regarding the proposed amalgamation of National Spot Exchange Limited (NSEL) with its parent company, Financial Technologies (India) Limited (FTIL). The order, under section 396 of the Companies Act, 1956, involves assessing compensation for NSEL's members and creditors. Valuations by independent valuers determined a share exchange ratio, recommending three FTIL shares for every eight NSEL shares. The order also addresses creditor rights, ensuring they remain unchanged post-amalgamation. This order is contingent on the Central Government's final decision, and affected parties may appeal within 30 days of its publication.