1. HC allows FTIL to use bank accounts for operational expenses

HC allows FTIL to use bank accounts for operational expenses

The Bombay High Court today allowed Jignesh Shah-led 63 Moons Technologies Ltd (formerly FTIL) to operate its bank accounts to meet day-to-day operational expenditure such as salaries of employees and payment of statutory liabilities.

By: | Mumbai | Published: August 2, 2016 12:48 AM
FTIL is allegedly involved in the Rs 5,600 crore NSEL scam being probed by the Economic Offences Wing of Mumbai police. (Reuters) FTIL is allegedly involved in the Rs 5,600 crore NSEL scam being probed by the Economic Offences Wing of Mumbai police. (Reuters)

The Bombay High Court today allowed Jignesh Shah-led 63 Moons Technologies Ltd (formerly FTIL) to operate its bank accounts to meet day-to-day operational expenditure such as salaries of employees and payment of statutory liabilities.

FTIL is allegedly involved in the Rs 5,600 crore NSEL scam being probed by the Economic Offences Wing of Mumbai police.

The permission to operate bank accounts, secured recently by the EOW, was granted by a bench headed by Justice Abhay Oka after the investigating agency said it had no objection, subject to certain conditions. One of the conditions was that the company would have to submit an audited copy of expenses to the EOW every month to which it agreed.

Last month, the EOW had secured assets worth Rs 2000 crore of the company. The company had approached the High Court for a stay, but got no relief.

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