 ASSOCHAM  ROLE OF ASSOCHAM  ASSOCHAM AGAINST NSEL-FTIL MERGER  CONCLUSION

 The Associated Chambers of Commerce and Industry of India (ASSOCHAM) is one of the apex trade associations of India.  The organization represents the interests of trade and commerce in India, and acts as an interface between industry, government and other relevant stakeholders on policy issues and initiatives.

 ASSOCHAM operates 59 Expert Committees that provide an interactive platform to members for interaction and aid formulating policy recommendations to facilitate economic, industrial and social growth.  The association has a special role in promoting international trade, and often hosts international trade delegates to India, along with sending delegations of Indian business groups to foreign locations.  It also interacts with counterpart international organizations to promote bilateral economic issues.  ASSOCHAM is a member of the International Chamber International Chamber of Commerce, the World Business Organization, through ICC, India.  ASSOCHAM is authorized by the Government of India to issue Certificates of Origin, certify commercial invoices, and recommend business visa.

 Industry body Assocham has urged Finance and Corporate Affairs Minister Arun Jaitley to reconsider the proposed forced amalgamation of NSEL -FTIL.  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 Arun Jaitley.  To safeguard the interest of investors and creditors in the face of a Rs.5,600-crore payments crisis at NSEL, the corporate affairs ministry had last year proposed a merger of the spot exchange with FTIL. CONTUD

 It will destroy the concept of "limited liability" which is the fundamental principle of corporate jurisprudence," Assocham said, while claiming that the merger would adversely affect over shareholders and more than 1,000 employees at FTIL.  The Centre must leave it to the judiciary to decide on the matter, in the larger interest of trade and industry, said the Assocham letter to Jaitley.