Afternoon D & C Dedicated To Mumbai
Home > Business > 63 Moons to move Bombay HC for defreezing operating accounts

63 Moons to move Bombay HC for defreezing operating accounts

Thursday, April 12, 2018

Jignesh Shah-owned 63 Moons, formerly known as Financial Technologies, will move the Bombay High Court today against the state government's directives to freeze the operating accounts of the company.

The government on April 4 had issued a directive to freeze operating accounts of the company, alleging complaints were received from a number of depositors against the National Spot Exchange (NSEL), owned by 63 Moons, that it had collected money by promising attractive returns but failed to return the deposits when the time for repayment came.

"We will appeal to the Bombay High Court against this, as we cannot pay vendors, our employees salaries, or statutory dues owing to the freezing of these accounts," S Rajendran, managing director and chief executive officer of 63 Moons said yesterday.

In an earlier notification dated Sept 21, 2016, the govt had "clearly mentioned attachment of all Fixed Assets and Investments, and clearly excluded periodical accrued benefits of these investments," a company statement argued.

The Economic Offenses Wing (EOW) of Mumbai, through different forums had mentioned that they had secured assets worth approximately Rs 8,600 crore as against the outstanding default amount of Rs 5,300 crore, the statement claimed.

Further, the EOW-Mumbai has already frozen Rs 1,800 cr worth of bonds, which the company claims has no link to proceeds of the crime, it added.

No Comments Posted
City news
After ADC reported a story earlier this month ...
Victim suffers 15 stitches on face, internal inju
Tells court that doctor has told her she ...
Heart To Heart
Dr. Rajan B. Bhonsle, M.D. (Bom)
Consulting Sex Therapist & Counsellor
Dr. (Mrs.) Minnu R. Bhonsle, Ph.D.
Consulting Psychotherapist & Counsellor
Select Sun sign:
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)Logic and reasoning will hold court, while creativity takes a backseat today. There are challenges at work, but you are a dynamo and will meet them upfront. All tensions will be relieved by the loving touch of your near and dear. Such is life, sums up Ganesha.
- Advertising -
In light of the UGC directing higher education in
Have a passion for salons, personal care and beau
The moment a student reaches class 10th, one impo
Read More