wordpress blog stats
Connect with us

Hi, what are you looking for?

Updated: Sify Exits MF Global Sify Securities; Disputes In The Past

Update: Sify has announced the conclusion of the sale of their entire stake in MF Global Sify Securities India Pvt Ltd, as it has received necessary Regulatory and statutory ‘no objection approvals’ for change in control. Sify informs that the aggregate amount received by Sify against the stake and the rights therein is Rs 139 crores (USD 25 million) in cash.

28th March 2012:  Sify Technologies Limited has announced that it is selling its entire stake in MF Global Sify Securities India Pvt Ltd. in an all cash deal. According to Sify, MF Global Overseas Limited and PhillipCapital Group, the Singapore based financial services company, through its related companies, will buy a majority stake in MF Global Sify Securities India Private Limited.

MF Global Sify Securities provides intermediary and matched principal brokering services, offering online and offline equity and derivatives trading for retail customers, as well as execution and clearing services for financial institutions. While Sify had a minority, 29.85% stake in the company, the rest was held by MF Global Holdings.

The financial terms of the transaction have not been disclosed, and it is subject to regulatory and statutory approvals in the respective countries.

Disputes In The Past

All was not well between the Sify and MF Global. In 2010, Sify had disputed financials of the subsidiary saying that certain recorded cross charges of corporate expenses made by MF Global Holdings and affiliated entities, to MF Global Sify Securities and had said that it believed that the charges, and various related actions, violated a shareholders’ agreement among the parties. This had led to Sify being unable to file its audited financial statements for FY 2009-10.


Sify Disputes Subsidiary Financials

You May Also Like


The Delhi High Court on Monday refused to stop Amazon from pushing regulators to stop the sale of the Future Group’s businesses to Reliance...


Pine Labs has raised around $100 million in fresh funds from Lone Pine Capital, a hedge fund based in the United States, at a...


Restaurant aggregator and food delivery company Zomato has raised US$660 million (over ₹4,850 crore), taking its valuation to ₹3.9 billion. CEO Deepinder Goyal tweeted...


Minister of Road Transport and Highways Nitin Gadkari said on December 17 that GPS-based tolling will replace toll plazas in two years, The Hindu...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to Daily Newsletter

    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ