Jignesh Shah promoted-Financial Technologies India ltd today urged the Bombay High Court to grant temporary protection from the order of Forward Market Commission (FMC) seeking reduction of its shareholding in Multi-Commodity Exchange from 26 to 2 per cent.
However, a bench headed by Chief Justice Mohit Shah did not grant status quo on the shareholding pattern but decided to hear the matter tomorrow while clubbing all PIls filed by the investors in the `5,500 crore scam involving National Spot Exchange ltd, founded by Shah.
FTIl and its promoter have filed a petition in the High Court challenging the recent FMC order which ruled that both were not fit to run any stock exchange in the country and asked for reducing its shareholding in MCX to 2 per cent.
Petitioner’s counsel Janak Dwarkadas assured the court today that FTIl will not block any board resolution so long as MCX makes a statement that it will not change its capital structure.