 "High Court tells FTIL to file asset details by January 27")
Modern India, Shree Rani Sati Investment Finance, Modern Derivatives and Commodities and F Padumjee Investments had on January 8 petitioned the HC. They’d asked for FTIL, ex-head Anjani Sinha and a host of broking firms such as Motilal Oswal, Anand Rathi, Emkay Commotrade and India Infoline to be made parties.
On Wednesday, judge S J Kathawalla ordered FTIL to give the court a detailed list of properties offloaded or proposed to be offloaded to clear the dues, and further use of sale proceeds. The court did not grant any injunction restraining FTIL and the other respondents from selling or creating any third-party rights on any properties. It is scheduled to hear the case again on February 14.
More From This Section
The plaintiffs’ counsel urged the court to seek details of FTIL’s warehousing subsidiary, National Bulk Handling Corporation, which FTIL has not sold. FTIL has not locked-in any other properties, at least in the public domain. The FTIL counsel urged the court not to pass any interim order, arguing several such cases are pending before the HC.
In a separate development, a bench headed by judge A S Oka advanced the hearing of a case filed by FTIL, seeking a stay on the ord er of the Forward Markets Commission in which FTIL was declared not “fit and proper” to hold more than two per cent stake in any recognised exchange. The court ordered FTIL to file rectifications within two weeks, after which hearing will begin. This case was clubbed with several other suits filed by various individuals and companies with NSEL-related issues.
The Securities & Exchange Board of India has scheduled FTIL’s “fit and proper” hearing petition on February 12.