BBN Bureau
MUMBAI/April 22-2022: The Supreme Court on April 22 upheld the earlier decision of the Maharashtra Government to attach the assets of 63 Moons Technologies (formerly Financial Technologies India Ltd – FTIL) under the Protection of Interest of Depositors (MPID) Act in connection with the controversial National Spot Exchange Ltd (NSEL) case.
The SC has set aside the earlier judegemnt of the Bombay High Court that has overturned the notifications by the Maharashtra State Government against 63 Moons.
According to report, the Maharashtra government had issued notices for the attachment of assets of 63 Moons for allegedly defrauding over 13,000 investors, the value of which was estimated to be Rs5600 crore.
The whole case was triggered by a complaint initiated by Mumbai police’s Economic Offences Wings. This prompted the 63 Moons to approach the Bombay High Court.
The Bombay High Court had then taken a stand favourable to 63 Moons and had ruled that NSEL was not a financial establishment and as such, action under MPID Act couldn’t be invited in the matter.
