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Injustice towards Shareholders Is NSEL liable ? No action against NSEL Defaulters FTIL-NSEL merger : Not in Public Interest.

Published byPurab Gandhi Modified over 9 years ago

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Presentation on theme: "Injustice towards Shareholders Is NSEL liable ? No action against NSEL Defaulters FTIL-NSEL merger : Not in Public Interest."— Presentation transcript:

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2 Injustice towards Shareholders Is NSEL liable ? No action against NSEL Defaulters FTIL-NSEL merger : Not in Public Interest

3  Proposed merger between FTIL & NSEL places shareholders interests below that of Trading Clients  Trying to force merger without shareholders approval is unjust

4  NSEL matter is sub judice  There is still no solid proof that NSEL holds liability towards affected parties  Trading Clients are not creditors of NSEL

5  Money trail has been linked & established to 22 defaulters  Assets of some NSEL Defaulters are also attached & seized by EOW  No NSEL Defaulter companies are merged

6  Resolution should not be at the cost of shareholders  This is contrary to Section 396 of Companies Act which states that only if merger is essential in public interest, can two companies be merged  Many shareholders representing the equity capital of FTIL have voted against merger

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