Modern India Ltd files suit against FTIL, NSEL and others

Modern India Ltd. along with three others have instituted a Suit in the Bombay High Court against Financial Technologies (India) Ltd. (FTIL) , National Spot Exchange Ltd. (NSEL) and 36 others for recovery of its dues as an investor for the trades executed on the NSEL. The Suit has been instituted representing all investors with similar interest as Modern India Ltd. and other Plaintiffs in the Suit, under provisions of Order I Rule 8 of the Code of Civil Procedure 1908. An ad-interim application was made today when the Court has recorded the statements of Counsels appearing for FTIL and La- Fin Financial Services Pvt. Ltd. (Defendant Nos. 1 and 3 in the Suit respectively)/passed orders for disclosures to be made by FTIL and La-Fin Financial Services Pvt. Ltd. The Notice of Motion for interim reliefs is fixed on February 14, 2014.

Shares of Modern India Ltd. was last trading in BSE at Rs.49, up by Rs.1 or 2.08%. The stock hit an intraday high of Rs.49 and intraday low of Rs.45.65.

The total traded quantity was 250 shares as compared to 2 week average of 92 shares.

Source : Equity Bulls

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