Home / Companies / FTIL to file fresh plea to release current accounts

Mumbai: The Bombay high court on Tuesday denied interim relief to the former Financial Technologies (India) Ltd from an order passed by Mumbai police’s economic offences wing (EOW) seizing assets of the company, renamed 63 Moons Technologies Ltd.

EOW seized 2,000 crore of assets belonging to FTIL on 20 July—both liquid assets such as bank fixed deposits and immovable assets including its Mumbai headquarters.

Also Read:ED may seize Rs1,000 crore of NSEL assets

FTIL challenged the attachment order on 21 July.

The Bombay high court, while not granting interim relief, directed FTIL to file a fresh application to release its bank accounts for meeting routine requirements and to pay the salaries of its employees.

Meanwhile, FTIL founder Jignesh Shah’s bail plea could not be heard as the Enforcement Directorate (ED) is yet to file a reply to his appeal for bail.

Also Read:FTIL-NSEL merger won’t hurt minority shareholders: govt

Shah is in judicial custody until 1 August following his arrest by the ED on 13 July on charges on money laundering and for allegedly not cooperating with investigations.

The proceedings by ED and EOW are in connection with the 5,574.35 crore fraud at National Spot Exchange Ltd (NSEL) which surfaced on 31 July 2013, causing losses to 13,000 investors.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edit Profile
Get alerts on WhatsApp
My ReadsRedeem a Gift CardLogout