Financial Technologies India Ltd. (FTIL), which holds around 26 per cent shares in Multi-Commodity Exchange of India Ltd. (MCX), on Monday, said that it objected to MCX’s plans for a preferential allotment of shares.

In a notice to the BSE, MCX said that “With reference to the earlier announcement dated March 27, 2014, regarding board meeting on April 3, 2014, Multi Commodity Exchange of India Ltd has now informed the BSE that the scheduled meeting, may, if deem fit, inter-alia, consider the preferential allotment of shares.”

FTIL said that it, being a holder of 26 per cent shares in MCX, had not received such a communication and the board of FTIL would take necessary legal action.

“The timing of the announcement is vindictive in nature to support certain vested interests and deprive FTIL of its level-playing field to sell its shares,” FTIL said in a release.

More In: Markets | Business