{"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-medium-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/07\/SUPREME_COURT_2426338f.jpg?fit=300%2C225&amp;ssl=1\" 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 v27.0 - 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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The NCLT completely cleared the present Board of 63\u2026","rel":"","context":"In &quot;Corporate Law News&quot;","block_context":{"text":"Corporate Law News","link":"https:\/\/www.legalindia.com\/news\/category\/corporate-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/06\/SAVE_20171031_143702.png?fit=400%2C200&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":56962,"url":"https:\/\/www.legalindia.com\/news\/bombay-high-court-summons-p-chidambaram-2-ias-officers-in-rs-10000-crore-damage-suit-by-63-moons","url_meta":{"origin":41463,"position":1},"title":"Bombay High Court summons P Chidambaram, 2 IAS officers in Rs 10,000 crore damage suit by 63 moons","author":"Legal India Admin","date":"August 1, 2019","format":false,"excerpt":"The Bombay High Court has summoned former Union Finance Minister P. Chidambaram and top serving bureaucrats, K.P. Krishnan and Ramesh Abhishek, in connection with Rs 10,000 crore damage suits filed by 63 moons technologies, formerly known as Financial Technologies Ltd (FTIL), and their role in engineering the NSEL payment default\u2026","rel":"","context":"In &quot;Court, Judiciary &amp; Legal System&quot;","block_context":{"text":"Court, Judiciary &amp; Legal System","link":"https:\/\/www.legalindia.com\/news\/category\/court-judiciary-legal-system"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/08\/download-25.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":54537,"url":"https:\/\/www.legalindia.com\/news\/hc-relief-to-63-moons-eow-attachment","url_meta":{"origin":41463,"position":2},"title":"HC relief to 63 moons: EOW attachment","author":"Legal India Admin","date":"October 26, 2018","format":false,"excerpt":"Mumbai: The interim relief to 63 moons technologies limited (formerly known as FTIL) in connection with the MPID matter was granted by the Hon'ble Bombay High Court on Wednesday.The Honourable Court stayed various notifications issued in April 2018, attaching the Company\u2019s properties and bank accounts.The Court also stayed the attachment\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42358,"url":"https:\/\/www.legalindia.com\/news\/sc-directs-mallya-disclose-assets-april-21","url_meta":{"origin":41463,"position":3},"title":"SC directs Mallya to disclose assets by April 21","author":"Legal India News","date":"April 7, 2016","format":false,"excerpt":"Liquor baron Vijay Mallya, who is facing legal proceedings for alleged default of loans worth over Rs 9,000 crore from various banks, was today directed by the Supreme Court to disclose by April 21 the total assets owned by him and his family in India and abroad. 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