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Wednesday, August 27, 2014
Share buyback arrangement was legal, says FTIL
FTIL clarification in response to FIR registered by CBI
Mumbai, Aug 27 2014 Financial Technologies (India) Ltd. (FTIL) has said that the buyback arrangement for shares with shareholder banks of MCX Stock Exchange (MCX-SX) was declared legal by the Bombay high court while hearing the matter between the exchange and the capital markets regulator.
The FTIL clarification was in response to the first information report (FIR) registered by the Central Bureau of Investigation (CBI) on Monday for alleged violations while granting extension to MCX-SX. According to CBI, the buyback agreement entered into with the banks was illegal.
“The Bombay high court, in its order, (Page No. 145 Para VII) had ruled that “the buy-back agreement cannot be held to be illegal as found in the impugned order of the whole timer member of SEBI on the ground that they constitute forward contacts. Hence, the accusation of CBI does not hold ground,” said FTIL.
Courtesy: Live Mint