SC rules against 63 Moons-NSEL merger
New Delhi: The Supreme Court on Tuesday ruled against the government decision to merge 63 Moons with crisis ridden and loss making National Spot Exchange Limited (NSEL).
The apex court allowed an appeal against a Bombay High Court order that upheld the merger decision.
“We have allowed the appeal,” said a bench of Justice Rohinton Fali Nariman and Justice Vineet Saran in their judgment setting aside the High Court order.
Justice Nariman said that the bench has set down certain norms that includes the objective criteria and public interest for taking recourse to such a merger.
The 63 Moons had moved the Supreme Court challenging the High Court’s verdict giving nod to the government decision to merge it with its loss making subsidiary NSEL.