ROHINTON FALI NARIMAN, VINEET SARAN
63 MOONS TECHNOLOGIES LTD. (FORMERLY KNOWN AS FINANCIAL TECHNOLOGIES INDIA LTD. ) – Appellant
Versus
UNION OF INDIA – Respondent
Prior History: From the Judgment and dated 04.12.2017 of the HIGH COURT OF JUDICATURE AT BOMBAY in WP-2743-2014 [2017 0 Supreme(Mah) 1851]
JUDGMENT
R.F. NARIMAN, J.
1. Leave granted.
2. This batch of appeals and writ petition raises questions as to the applicability and construction of Section 396 of the Companies Act, 1956, which deals with compulsory amalgamation of companies by a Central Government order when this becomes essential in the public interest. The appellant, 63 Moons Technologies Ltd. (hereinafter referred to as “FTIL”, which name was changed to 63 Moons Technologies Ltd. on 27.05.2016), is a 99.99% shareholder of the National Spot Exchange Ltd. (hereinafter referred to as “NSEL”), and is a listed company. About 45% of the shareholding of FTIL is held by Shri Jignesh Shah and family, and about 43% of the shareholding is held by members of the Indian public. Approximately 5% of the shareholding is held by institutional investors. FTIL is a profitable company, having a positive net worth of over INR 2500 crore, and is in the business of providing software which is u
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