NSEL case: 63 Moons properties cannot be attached under MPID Act, Bombay HC

Omkar Gokhale August 23 2019
63 Moons

In a setback to the Maharashtra government, the Bombay High Court yesterday set aside seven notifications issued by the Home Department last year to attach the properties of 63 Moons Technologies, promoter of National Spot Exchange Limited (NSEL), under Section 4 of the Maharashtra Protection of Interests of Depositors (In Financial Establishments) Act (MPID Act).

The Court also held that the NSEL was not a “financial establishment” within the purview of the MPID Act.

The attachment was directed based . . .

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