INSUBCONTINENT EXCLUSIVE:
Jignesh Shah-owned 63 Moons, formerly known as Financial Technologies, will move the Bombay High Court tomorrow against the state
government's directives to freeze the operating accounts of the company.
The government on April 4 had issued a directive to freeze
operating accounts of the company, alleging complaints were received from a number of depositors against the National Spot Exchange (NSEL),
owned by 63 Moons, that it had collected money by promising attractive returns but failed to return the deposits when the time for repayment
came.
"We will appeal to the Bombay High Court against this, as we cannot pay vendors, our employees salaries, or statutory dues owing to
the freezing of these accounts," S Rajendran, managing director and chief executive officer of 63 Moons said here today.
In an earlier
notification dated September 21, 2016, the government had "clearly mentioned attachment of all Fixed Assets and Investments, and clearly
excluded periodical accrued benefits of these investments," a company statement argued.
The Economic Offenses Wing (EOW) of Mumbai, through
different forums had mentioned that they had secured assets worth approximately Rs 8,600 crore as against the outstanding default amount of
Rs 5,300 crore, the statement claimed.
Further, the EOW-Mumbai has already frozen Rs 1,800 crore worth of bonds, which the company claims
has no link to proceeds of the crime, it added.
