63 Moons hits 10% UC

63 Moons has hit the 10% UC today at Rs.115.50, with a healthy spurt in volumes.

The market is very happy that the Bombay High Court ruled that the National Spot Exchange Ltd (NSEL), is not a financial establishment and hence notifications for attachment of the company's assets including bank accounts and properties under the MPID Act stand quashed.

The Competent Authority requested for a stay. However, the Hon. High Court declined. The Bombay High Court has quashed all the notifications issued by the State Government in the year 2016 and 2018 attaching movable and immovable properties of 63 moons under the MPID Act, 1999 by observing that NSEL is not a Financial Establishment since it did not accept any deposits as defined under the MPID Act and resultantly, the petitioner who is a promoter of the said establishment cannot be proceeded under the provisions of MPID Act.  

The attachment was made as part of the Mumbai police's probe into the alleged Rs 5,600-crore NSEL scam. 

63 Mons was formerly known as Financial Technologies (India) Ltd.