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2019 Supreme(SC) 514

ROHINTON FALI NARIMAN, VINEET SARAN
63 MOONS TECHNOLOGIES LTD. (FORMERLY KNOWN AS FINANCIAL TECHNOLOGIES INDIA LTD. ) – Appellant
Versus
UNION OF INDIA – Respondent


Advocates Appeared:
For Petitioner(s) (SLP 4210/2018): Mr. Mukul Rohatgi, Mr. Mahesh Agarwal, Mr. Ankur Saigal, Ms. Misha Rohatgi, Ms. Shaneen Parikh, Ms. Namita Shetty, Mr. Himanshu Satija, Ms. Tanvi Manchanda, Ms. Priyanka Vora, Mr. E. C. Agrawala
(SLP 4659/2018) : Dr. A.M. Singhvi, Sr. Mr. Mahesh Agarwal, Mr. Ankur Saigal, Mr. Aviskar Singhvi, Mr. Himanshu Satija, Ms. Tanvi Manchanda, Mr. E. C. Agrawala
(SLP 4652/2018) : Mr. Arvind Lakhawat, Mr. Harshwardhan Reddy, Mr. Amit Agrawal
(SLP 4239/2018) : Ms. Diksha Rai Ms. Palak Mahajan, Mr. Ishan Bisht, Adv.
(SLP 4816/2018) : Mr. Nakul Mohta, Mr. Ardhendumauli Kumar Prasad
(SLP 4720/2018) : Mr. Saurabh Kirpal, Mr. Rahul G. Tanwani, Mr. V.C. Shukla, Mr. VNL Sindura, Mr. Nikhil Goel
(WP 368/2019) : Mr. Arvind Lakhawat, Ms. Ranjeeta Rohatgi
For Respondent(s): Mr. Vikas Mehta Mr. Varun Singh, Ms. Anushree Menon, Ms. Nupur Desai, Ms. Samiksha Godiyal, Ms. Sanam Tripathi, Adv.
Union of India : Mr. Tushar Mehta, SG Ms. Pinky Anand, ASG Mr. R. Balasubramanian, Mr. Shekhar Vyas, Mr. Rajesh Ranjan, Ms. Pratima Gupta, Mr. Anup Dawan, Mr. Joel, Ms. Snidha Mehra, Mr. Sumit Teterwal, Mr. Chakitan Vikram Shekher Papta, Ms. Kirti Dua, Ms. Saudamini Sharma, Mr. Hemant Arya, Ms. Tanisha Samanta, Mr. Anmol Chandan, Ms. Shraddha Deshmukh, Mr. Sai Krishna, Mr. A.K. Sharma
R-6 : Mr. Neeraj Kishan Kaul, Mr. D.N. Ray, Mr. Chirag Manubhai Shah, Ms. Sanjana Saddy, Mr. Lokesh K. Choudhary Mr. Dillip Kumar Nayak, Ms. Disha Ray, Mr. Sanjay Lodha, Mr. Devanshu Sajlan, Mrs. Sumita Ray
SEBI : Mr. Arvind P. Datar, Mr. Pratap Venugopal, Ms. Surekha Raman, Ms. Viddusshi, Mr. Akhil A. Roy, For M/s K.J. John & Co. Mr. Mukesh Kumar Maroria

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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