Departing mobile
transaction and payment gateway – ATOM, is being contemplated by FTIL; there
have been indications from FTIL of this revelation. It intends to sell 95% of
the stake of the subsidiary of FTIL. It has also pointed out its intentions of
divesting from Bourse Africa and Bahrain Financial Exchange, apart from its
27.3% stake in Dubai Gold and Commodity, according to the news piece featured in
Business Standard on 26th February, 2015.
Many in the business
world may have been slow on the uptake, then FTIL came into being with
innovative ideas and solutions, and ATOM was one of them. Thus the exchange business
and its stakeholders got a perpetual whirl to enjoy the comfort of easy
transactions.
A letter from Mr.
Venkat Chary to 68000 FTIL shareholders indicated all of those, besides his appeal
to them to oppose the merger of NSEL-FTIL merger as per the suggestions of Ministry
of Corporate Affairs.
“as it is against the interest of
FTIL shareholders and not legal, as NSEL is a limited liability company”.
The content of
the letter indicates that the government may have sought this as recourse to
compensate investors; but on the other hand, as per the content of the letter, Rs.2,
153 crore has been released by FTIL through sale of various assets and the
stake sale processes. Thus he urges, in his letter, to the shareholders, to
oppose the proposed merger, saying, “as
it is against the interest of FTIL shareholders and not legal, as NSEL is a
limited liability company.”
On the occasion,
FTIL had also listed the cash and asset positions of the company in detail.
More than might, rectitude and intents to take care of shareholders, employees
and scrupulously thinking about limited liability as sacrosanct is believed to
make right. Apart from FTIL, significant minority shareholders of FTIL viz.
Bharat and Ravi Sheth, and earlier, four banks – DBS Bank, Union Bank, Standard
Chartered Bank and Syndicate Bank, had opposed the merger.
It would be to the
business world’s chagrin, if radical and imposing demeanour is adopted. At the
foreground, going by several views and news in the recent past by numerous media
mouthpieces, it visibly emerges that merger will, most definitely, enervate the
sanctity of business functioning and limited liability tradition terribly. The
gravitas of the situation needs to be given due attention, as it is supposed to
impact many aspirations, careers and growth of the economy at large.
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