{"id":41463,"date":"2016-02-14T09:35:57","date_gmt":"2016-02-14T04:05:57","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=41463"},"modified":"2016-02-15T03:39:33","modified_gmt":"2016-02-14T22:09:33","slug":"sc-directs-iex-to-pay-rs-31-crore-dividend-to-ftil","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/sc-directs-iex-to-pay-rs-31-crore-dividend-to-ftil","title":{"rendered":"SC directs IEX to pay Rs 31 crore dividend to FTIL"},"content":{"rendered":"<figure id=\"attachment_38395\" aria-describedby=\"caption-attachment-38395\" style=\"width: 300px\" class=\"wp-caption alignright\"><a href=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/07\/SUPREME_COURT_2426338f.jpg?ssl=1\" rel=\"attachment wp-att-38395\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"38395\" data-permalink=\"https:\/\/www.legalindia.com\/news\/sc-to-hear-on-july-20-cbi-plea-in-vyapam-case\/supreme_court_2426338f\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/07\/SUPREME_COURT_2426338f.jpg?fit=636%2C477&amp;ssl=1\" data-orig-size=\"636,477\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"SUPREME_COURT_2426338f\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/07\/SUPREME_COURT_2426338f.jpg?fit=636%2C477&amp;ssl=1\" class=\"wp-image-38395 size-medium\" src=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/07\/SUPREME_COURT_2426338f.jpg?resize=300%2C225&#038;ssl=1\" alt=\"SC directs IEX to pay Rs 31 crore dividend to FTIL\" width=\"300\" height=\"225\" srcset=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/07\/SUPREME_COURT_2426338f.jpg?resize=300%2C225&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/07\/SUPREME_COURT_2426338f.jpg?w=636&amp;ssl=1 636w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-38395\" class=\"wp-caption-text\">SC directs IEX to pay Rs 31 crore dividend to FTIL<\/figcaption><\/figure>\n<p>The Supreme Court has asked India Energy Exchange to pay Rs 31 crore dividend to Financial Technologies (India) within two weeks.<\/p>\n<p>Allowing the prayer of FTIL, a bench of justices A K Sikri and Prafulla C Pant said, &#8220;The applicant\/appellant (FTIL) wants that the dividends which are declared by&#8230;(IEX) be paid to the applicant\/ appellant in respect of the shares held by it&#8230;<\/p>\n<p>&#8220;The dividends are declared by IEX and the applicant\/ appellant, who was shareholder for the period in question, is rightfully entitled to those dividends.&#8221;<\/p>\n<p>The bench asked the company to release the dividend from the &#8220;trust account within two weeks&#8221;.<\/p>\n<p>The apex court, while passing the order, also said that the counsel appearing for IEX states that the company had no objection for the payment of the dividend to FTIL.<\/p>\n<p>The FTIL had divested its stake in IEX on November 19, 2015, following the Central Electricity Regulatory Commission (CERC) terming it &#8220;Not Fit and Proper&#8221;.<\/p>\n<p>Consequently, the FTIL had asked IEX to release the accrued dividend of Rs 31 crore.<\/p>\n<p>FTIL had challenged in the apex court the authority of\u00a0CERC to declare FTIL as &#8220;Not Fit and Proper&#8221; in the first place.<\/p>\n<p>The FTIL had then filed an application before the Supreme Court seeking the release of dividend amount from IEX.<\/p>\n<p>( Source &#8211; PTI )<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Supreme Court has asked India Energy Exchange to pay Rs 31 crore dividend to Financial Technologies (India) within two weeks. Allowing the prayer of FTIL, a bench of justices A K Sikri and Prafulla C Pant said, &#8220;The applicant\/appellant (FTIL) wants that the dividends which are declared by&#8230;(IEX) be paid to the applicant\/ appellant [&hellip;]<\/p>\n","protected":false},"author":38299,"featured_media":38395,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[146,31987,35673,117,80,35672,47726],"class_list":["post-41463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-law-news","tag-court","tag-featured","tag-ftil","tag-law","tag-legal-news","tag-sc-directs-iex-to-pay-rs-31-crore-dividend-to-ftil","tag-supreme-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SC directs IEX to pay Rs 31 crore dividend to FTIL - Legal News India - Supreme Court &amp; High Court Updates<\/title>\n<meta name=\"description\" content=\"The Supreme Court has asked India Energy Exchange to pay Rs 31 crore dividend to Financial Technologies (India) within two weeks. 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