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FTIL –NSEL Merger not justified
1.
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