NCLAT sets aside government's plea to supersede board of 63 Moons Technologies
New Delhi: The National Company Law Appellate Tribunal on Thursday set aside the government's plea to supersede the board of 63 Moons Technologies (formerly known as Financial Technologies (India) Limited).
An NCLAT bench headed by Chairperson Justice S J Mukhopadhaya, however, upheld the directions of the Chennai bench of the National Company Law Tribunal (NCLT) to appoint three government nominees on the board of 63 Moons.
The appellate tribunal also dismissed the plea of the company's three directors, which include Jignesh Shah and Divang Narela, challenging their disqualification.
"The directors (including govt nominees) would remain on the board," the NCLAT said.
Earlier, on June 2018, the NCLT had set aside the Centre's plea to supersede 63 Moons.
The NCLT has, instead, allowed the government to nominate three directors to the board of 63 Moons Technologies to take care of the interest of all stakeholders as well as protect the company's investments in its subsidiaries.
It had also barred Jignesh Shah and nine others from holding directorship in 63 Moons.