January 24, 2017 7:16 AM ET

Capital Markets

Company Overview of National Spot Exchange Ltd.

Company Overview

National Spot Exchange Ltd. provides an institutionalized electronic spot trading platform for agricultural and non–agricultural commodities in India. The company engages in the trading of agricultural products, including cereals, fibers, spices, pulses, plantations, oilseeds, and other products; bullion products, such as gold, platinum, and silver; copper and steel metals; coal; and investment products, including e-gold, e-silver, e-copper, e-zinc, e-lead, e-nickel, and e-platinum. It offers services, such as customized procurement services, commodities trading, warehousing, marketing, credit and finance, membership, and investments in spot and auction markets. The company also provides del...

FT Tower

CTS No. 256 & 257, 4th Floor

Suren Road, Chakala

Andheri (East)

Mumbai,  400093

India

Founded in 2005

Phone:

91 22 6761 9900

Fax:

91 22 6761 9931

Key Executives for National Spot Exchange Ltd.

Vice President of Finance & Accounts
Senior Vice President
Vice President of Business Development
Vice President of Business Development
Vice President of Market Operations
Compensation as of Fiscal Year 2016.

National Spot Exchange Ltd. Key Developments

MCA Seeks More Time For Final Order For NSEL-FTIL Merger

The Corporate Affairs Ministry (MCA) has moved the Bombay High Court in order to seek two more months’ time to pass the final order on the proposed merger of National Spot Exchange Ltd. (NSEL) with its parent Financial Technologies (India) Limited (FTIL). Earlier a deadline of December 31, 2015 has been set. The Government had in October 2014 come up with a draft merger order that when converted into a final order lead to FTIL assuming liabilities of INR 5.6 billion settlement default in NSEL. FTIL is opposed to the Government’s merger plan.

Majority FTIL Shareholders Object To NSEL's Merger

shareholders, creditors and employees of Financial Technologies (India) Limited (BSE:526881) are objected to the proposed merger with National Spot Exchange Ltd. In the voting on the government proposal, after being urged by the management to vote against, 99.55% of the shareholders, representing 79.5% of the equity capital in Financial Technologies (India) Limited, did so. Also, all the creditors, the entire board of directors and all the 1,000-plus employees said they objected.

Financial Technologies Appeals Shareholders To Oppose NSEL Merger

Financial Technologies (India) Limited (BSE:526881) appealed to its shareholders to oppose the government’s plan to merge National Spot Exchange Ltd. Venkat Chary, Chairman of Financial Technologies said in a letter sent to Bombay Stock Exchange, "all shareholders are entitled to object to the forced amalgamation of National Spot Exchange with your company by exercising your right of opposition under Section 396 of the Companies Act, 1956."

Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

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