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The Bombay High Court on Wednesday granted interim relief to 63 Moons Technologies (formerly Financial Technologies) in connection with the Maharashtra Protection of Interest of Depositors Act matter.
Abad Ponda, advocate for the 63 Moons Technologies, said that the Bombay High Court has stayed the notifications issued in April 2018, releasing the attachments on the accruals and software.
In particular, the court has also stayed the attachment of ODIN software and its receivables. The Court has also stayed a corrigendum issued whereby accrued returns on investments will now become available for 63 Moons. As a result of the court staying portions on the September 2018 notification, 63 Moons will continue to receive periodically accrued benefits on investments.
NSEL case
The Economic Offences Wing of Mumbai had frozen the operating accounts of 63 Moons. The Jignesh Shah-promoted company had come under investigative agencies’ scanner after its subsidiary National Spot Exchange failed to settle trades worth ₹5,600 crore executed on its platform in 2013.
EOW The Economic Offences Wing had directed the company to route all its income into an escrow account and use it for expenses.
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