Home / Market / Stock-market-news /  FTIL gets interim relief on asset attachment

Mumbai: In a relief to Financial Technologies India Ltd (FTIL), whose assets worth 2,000crore were seized by the Mumbai Police’s economic offences wing (EOW) on 20 July, the Bombay High Court on Monday, allowed the company to access its accounts for employee salaries and other routine expenses.

FTIL, recently renamed as 63 Moons Technologies Ltd, had told Bombay High Court that it needs .21crore to meet immediate operational and routine expenses.

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

The EOW of the Mumbai Police did not raise any objection to FTIL claims.

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

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

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

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