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Last Updated : Jul 20, 2016 10:41 AM IST | Source: Moneycontrol.com

63 Moons Tech slips 18%, EOW seizes company assets in NSEL scam

The EOW of Mumbai police on Tuesday attached assets of FTIL, under the Maharashtra Protection of Interest of Depositors Act (MPID) Act.

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Moneycontrol Bureau

Shares of 63 Moons Technologies (formerly known as Financial Technologies India (FTIL)) tumbled 18 percent intraday Wednesday as Economic Offences Wing (EOW) of Mumbai police attached assets of the company in connection with the Rs 5,600 crore National Spot Exchange (NSEL) scam. Its founder Jignesh Shah was arrested a week ago in a money laundering case.

The EOW of Mumbai police attached assets of FTIL, under the Maharashtra Protection of Interest of Depositors Act (MPID) Act. All the offices of FTIL will be taken over by EOW. Over and above physical real estate assets, they have also attached liquid assets as well as bank accounts of FTIL worth about Rs 2200 crore.

Jignesh Shah-led Financial Technologies (India) (FTIL) was incorporated as company in April 1988.

Also Read - EoW attaches assets of Jignesh Shah-founded FTIL

"63 Moons is a listed company having more than 63000 shareholders and about 1000 plus employees. We will take all legal remedies to protect their interest. There is no legal basis for the said action and we will be moving court soon on the said letter,” FTIL said in a statement.

At 09:37 hrs Financial Technologies was quoting at Rs 76.75, down Rs 8.60, or 10.08 percent. It has touched a 52-week low of Rs 70.20 on the BSE.

Posted by Rakesh Patil
First Published on Jul 20, 2016 10:00 am