Mumbai: Bombay High Court has issued a notice to National Spot Exchange Limited (NSEL) for illegally diverting Rs 31 crore to its parent company Financial Technologies India Limited (FTIL) in mid-2018.
NSEL and FTIL have been asked to submit their response by February 22. FTIL, now rechristened as 63 Moons Technologies, had tendered an unconditional apology, but the court refused to accept it.
The Ministry of Corporate Affairs has accorded approval to Serious Fraud Investigation Office (SFIO) to prosecute as many as 71 individuals and firms for their complicity in Rs 5,600-crore NSEL scam, including 63 Moons Technologies and its founder Jignesh Shah.
NSEL had received Rs 31 crore from National Agricultural Cooperative Marketing Federation of India (NAFED), which was to be paid to investors who lost due to the scam. The Centre and the Maharashtra state government want small investors to be compensated soon.
Under an arbitration award, NAFED has deposited an amount of Rs 32 crore in the Delhi High Court, which asked NAFED to seek directions from a court of competent jurisdiction on whether this amount should be paid directly to NSEL, or transfer it to an escrow account, or kept under a competent authority's jurisdiction....