Is the FTIL-NSEL merge actually justified keeping public interest in mind according to Companies Act

2. • Injustice towards Shareholders
• Is NSEL liable ?
• No action against NSEL Defaulters
• FTIL-NSEL merger : Not in Public Interest

3.  Proposed merger between FTIL & NSEL places shareholders
interests below that of Trading Clients
 Trying to force merger without shareholders approval is
unjust

4.  NSEL matter is sub judice
 There is still no solid proof that NSEL holds liability
towards affected parties
 Trading Clients are not creditors of NSEL

5.  Money trail has been linked & established to 22 defaulters
 Assets of some NSEL Defaulters are also attached & seized
by EOW
 No NSEL Defaulter companies are merged

6.  Resolution should not be at the cost of shareholders
 This is contrary to Section 396 of Companies Act which
states that only if merger is essential in public interest, can
two companies be merged
 Many shareholders representing the equity capital of FTIL
have voted against merger