Home >Market >Stock-market-news >Bombay high court denies interim relief to FTIL on asset seizure

Mumbai: Financial Technologies Ltd (FTIL), now known as Moons63 Technologies Ltd, on Wednesday moved the Bombay high court, challenging a notice by Mumbai police’s Economic Offences Wing (EOW) about the seizure of its assets.

The court declined to the company grant interim relief from the attachment of assets announced on Tuesday. The matter is likely to be heard on 25 July.

EOW said on Tuesday seized 2,000 crore of assets belonging to the former FTIL, a week after the arrest of its founder Jignesh Shah in a money laundering case.

The assets attached under the Maharashtra Protection of Interest of Depositors Act (MPID Act) include the Mumbai headquarters of the company, bank accounts and fixed deposits.

The seizure of assets followed the arrest last week of Shah in connection with the 5,574.35 crore fraud at National Spot Exchange Ltd (NSEL), which was 99.99% owned by FTIL.

FTIL, in its plea, sought a stay on the attachment order.

“We have received a letter from EOW dated 18/7/2016 at 6 pm today on 19/7/2016 securing assets of FTIL. 63 Moons is a listed company having 63000+ shareholders and about 1000+ employees. We will take all legal remedies to protect their interest. There is no legal basis for the said action and we will be moving court soon on the said letter," said an FTIL spokesperson in a statement soon after the attachment notice was sent to the company.

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