63 Moons’ Assets Can’t Be Attached Says Bombay High Court

Source: accommodationtimes.com

The Bombay High Court today ruled that the National Spot Exchange Ltd (NSEL), is not a financial establishment and notifications for attachment of the company’s assets including bank accounts and properties under the Maharashtra Protection of Interest of Depositors (MPID) Act stand quashed. The Competent Authority requested for a stay. However, the High Court declined.

The Court noted that after going through the documents, it leaves no doubt in our mind that the transaction was between two persons i.e. buyer and seller through medium of NSEL; and the Court is satisfied that the NSEL has not accepted any deposit and if it has not accepted any deposit, then it would not fall within the definition of ‘financial establishment’.

Jignesh Shah, Mentor & Chairman Emeritus, 63 moons technologies, said, “The the judgment of the  Bombay High Court is a signature ofGod in the current trend of developments where ‘truth is winning and all kinds of lies are getting nailed.”

Exactly 5 years ago, on  August 22, 2014, I got back my personal liberty with the order of the Bombay High Court which stated that there was no money trail to NSEL, FTIL or me. Also, the Court then clearly stated that, ‘…the legality of the application of the provisions of the MPID Act to this case is not free from doubt…’ and also that ‘whether NSEL can be termed as a ‘financial establishment’ as defined under Clause (d) of Section 2 of the MPID Act, would need equally serious consideration’, he added.

After the complaint filed by Mumbai Police’s Economic Offence wing, over allegation of defrauding approximately 13,000 investors, the state government had attached properties of 63 moons (formerly known as Financial Technologies (India).