{"id":6080,"date":"2019-08-24T10:35:19","date_gmt":"2019-08-24T10:35:19","guid":{"rendered":"http:\/\/www.wakilsahab.in\/news\/?p=6080"},"modified":"2019-08-24T10:35:19","modified_gmt":"2019-08-24T10:35:19","slug":"63-moons-assets-cant-be-attached-says-bombay-high-court","status":"publish","type":"post","link":"https:\/\/www.wakilsahab.in\/news\/63-moons-assets-cant-be-attached-says-bombay-high-court\/","title":{"rendered":"63 Moons\u2019 Assets Can\u2019t Be Attached Says Bombay High Court"},"content":{"rendered":"\n<p>Source: accommodationtimes.com<\/p>\n\n\n\n<p>The\u00a0Bombay High Court\u00a0today ruled that the National Spot Exchange Ltd (NSEL), is not a financial establishment and notifications for attachment of the company\u2019s 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.<\/p>\n\n\n\n<p>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 \u2018financial establishment\u2019.<\/p>\n\n\n\n<p>Jignesh Shah, Mentor &amp; Chairman Emeritus, 63 moons technologies, said, \u201cThe the judgment of the &nbsp;Bombay High Court is a signature ofGod in the current trend of developments where \u2018truth is winning and all kinds of lies are getting nailed.\u201d<\/p>\n\n\n\n<p>Exactly 5 years ago, on &nbsp;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, \u2018\u2026the legality of the application of the provisions of the MPID Act to this case is not free from doubt\u2026\u2019 and also that \u2018whether NSEL can be termed as a \u2018financial establishment\u2019 as defined under Clause (d) of Section 2 of the MPID Act, would need equally serious consideration\u2019, he added.<\/p>\n\n\n\n<p>After the complaint filed by Mumbai Police\u2019s 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).<\/p>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.wakilsahab.in\/news\/63-moons-assets-cant-be-attached-says-bombay-high-court\/\"\n\t\t\t  \tdata-numposts = \"5\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground:  !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 100% !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>Source: accommodationtimes.com The\u00a0Bombay High Court\u00a0today ruled that the National Spot Exchange Ltd (NSEL), is not a financial establishment and notifications for attachment of the company\u2019s 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. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6081,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2961],"tags":[4738,42,4739,4740,4737],"class_list":["post-6080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bombay-high-court","tag-assets","tag-bombay-high-court","tag-company","tag-financial-technologies","tag-national-spot-exchange-ltd"],"_links":{"self":[{"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/posts\/6080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/comments?post=6080"}],"version-history":[{"count":1,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/posts\/6080\/revisions"}],"predecessor-version":[{"id":6082,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/posts\/6080\/revisions\/6082"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/media\/6081"}],"wp:attachment":[{"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/media?parent=6080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/categories?post=6080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/tags?post=6080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}