Home / Companies / News /  FTIL claims Rs21 crore as immediate expenses in Bombay high court

Mumbai: Financial Technologies India Ltd (FTIL), whose assets worth 2,000 crore were seized by the Mumbai Police’s economic offences wing (EOW) on 20 July, on Thursday told the Bombay high court that it needs 21 crore to meet immediate operational and routine expenses.

FTIL had moved court a day after the seizure, seeking a stay and interim relief on the proceedings.

The high court did not grant an interim relief, but allowed FTIL, recently renamed 63 Moons Technologies Ltd, to substantiate its claim with supporting documents. The economic offences wing of the Mumbai Police will study the documents before submitting its consent or objection.

The EOW attached FTIL assets in relation to the scam at National Spot Exchange Ltd (NSEL), in which it holds 99.99% stake.

The scam came to light on 31 July 2013, when the exchange suspended all forward contracts, triggering a settlement crisis of 5,574 crore and losses for 13,000 investors.

The court will hear the matter next on 1 August.

FTIL claims it needs 7.71 crore to pay salaries, 4.93 crore to meet legal expenses and 2.21 crore for office and administration expenses, among others.

NSEL investors, allowed as interveners by the court, meanwhile sought a clarity on whether these are monthly or daily expenses.

Jayshree P Upadhyay
Jayshree heads a team of reporters focussing on legal, regulatory, investigative stories. She has worked for over a decade, reporting on financial scams, legal stories and the intersection of corporate and regulatory issues. She is based in Mumbai and has previously worked with Business Standard, Mint, The Morning Context and Bloomberg TV India.
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