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
Jail friends arrested, 50 fake cheque books recov
The “Agri Yuvak Sanghtana” (AYUS) which is veheme
Both runways of the Chhatrapati Shivaji Maharaj I
My wife is reluctant to try different positions d
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)You are likely to remain careful and watchful today, foretells Ganesha. And because you'll be invited to parties and other social events, your enthusiasm will remain buoyant. You will also strike the right balance between business and pleasure, says Ganesha.
- Advertising -
While media continues to be one of the most sough
The focus of education today is not just learning
Writer, educator and moderator Kartik Bajoria wri
Read More