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63 moons tech moves High Court against ED

Our Bureau Mumbai | Updated on January 16, 2018

63 moons technologies (formerly known as Financial Technologies) has filed a case against the Enforcement Directorate even before the latter could issue notice to attach its property in the case involving ₹5,600-crore settlement default by its subsidiary National Spot Exchange.

“We would like to clarify that 63 moons technologies has not received any attachment notice from the Enforcement Directorate. However, in view of reports in a section of the media of a possible move by the ED to attach our assets, the company has — in anticipation — filed a writ petition in the Honourable Mumbai High Court,” it said in a statement on Monday.

In July, the Economic Offence Wing of Mumbai police attached unmovable assets, including its headquarters in Mumbai and bank account of 63 moons worth ₹2,000-crore, putting its survival at risk. However, last month the Bombay High Court allowed the company to access its accounts for paying employee salaries and meeting other routine expenses.

In this back drop, there were unconfirmed news that the ED was planning to attach FTIL properties. Earlier, the Mumbai High Court order noted that there has been no money trail established to the NSEL, FTIL and its promoters. Even the ED charge-sheet filed in the PMLA court confirms that there is no money trail to FTIL. In such a scenario, there is no case for attachment of our assets, said the company in a statement on Monday.

“We pray that ED gives us an opportunity to explain before making any attachment of the company’s assets. The entire exercise adopted by the ED will only create multiplicity of proceedings and litigations,” it said.

Published on September 19, 2016

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