Can’t attach 63 moons’ assets under MPID Act: Bombay HChttps://indianexpress.com/article/business/cant-attach-63-moons-assets-under-mpid-act-bombay-hc-5929006/

Can’t attach 63 moons’ assets under MPID Act: Bombay HC

63 moons had approached the HC against the state government’s notification to attach its assets under the Act, saying that NSEL was a commodities exchange for trading between buyers and sellers and not a deposit-taking entity.

Bombay high court, 63 moons assets, 63 moons case, National Spot Exchange, MPID Act
63 moons had approached the HC against the state government’s notification to attach its assets.

THE BOMBAY High Court has held that National Spot Exchange Ltd (NSEL) is not a financial establishment and hence the notifications passed under the Maharashtra Protection of Interest of Depositors (MPID) Act to attach the assets of 63 moons Technologies Ltd stand quashed.

63 moons had approached the HC against the state government’s notification to attach its assets under the Act, saying that NSEL was a commodities exchange for trading between buyers and sellers and not a deposit-taking entity.

As part of the NSEL case, the state government had attached properties of 63 moons — previously known as Financial Technologies (India) Ltd — after a complaint was filed by Mumbai Police’s Economic Offences Wing, over allegations of defrauding around 13,000 investors to the tune of Rs 5,600 crore by inducing on the NSEL platform.