The Bombay High Court on Tuesday yet again refused to grant any relief to Financial Technologies (India) Ltd (FTIL) seeking to operate bank accounts for day to day expenses.
A division bench of Justice Abhay Oka and Justice A A Sayed was hearing an urgent plea made by the company to allow access to bank accounts so that day to day expenses can be made and salaries can be paid.
Senior counsel Vineet Naik appearing for FTIL said he was not seeking for a stay on an order passed by the Economic Offences Wing attaching its properties and freezing bank accounts but only wanted limited access as it was month end and needed to pay salaries and issue TDS certificates.
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Earlier on, the same bench has refused to grant any relief to the company that was challenging the order passed by EOW.
The court told Mr Naik you are seeking for a partial stay and we are not inclined to grant you that.
The impugned notice by EOW states that in the Rs 5600 crores of the National Spot Exchange Limited (NSEL) scam there are over 13,000 investors who have lost money due to alleged malpractices by the directors and promoters of NSEL. Hence properties of several accused in the case have been attached under the Maharashtra Protection of Interest of Depositors Act (MPID Act). It also says that during the course of investigation it is known that FTIL owns 99.99% shares of
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In a parallel development, the order of bail plea filed by founder of FTIL, industrialist Jignesh Shah will be passed on July 29 by the Prevention of Money Laundering Act Court. He was arrested on July 13 and was sent to the custody to Enforcement Directorate on July 18 in National Spot Exchange Limited scam.