PMLA Appellate Tribunal releases assets from ED attachment: 63 moons

New Delhi, Sep 17 () 63 moons technologies ltd on Tuesday said the PMLA Appellate Tribunal has released the assets of the company from attachment by the Enforcement Directorate. "This order comes soon after the Bombay High Court order, which quashed the attachments of 63 moons assets under the MPID Act," the company said in a statement. After quashing the attachment orders, the tribunal has made it subject to filing of an indemnity bond within a week, the statement said. According to the statement, the tribunal has restrained 63 moons from dealing with the released assets till pendency of the trial of the larger issues in the PMLA (Prevention of Money Laundering Act) court. "63 moons, based on sound legal advice, is of the opinion that passing of this sort of restraint order and of seeking an indemnity bond, particularly when the orders of attachment have been quashed, is beyond the power of the tribunal under the PMLA. 63 moons will take appropriate legal recourse against this part of the order," the statement said. In August, the Bombay High Court ruled the National Spot Exchange Ltd (NSEL) was not a financial establishment and hence, the attachment of assets of its promoter, 63 moons technologies, under the Maharashtra Protection of Interests of Depositors in Financial Establishments Act (MPID) Act was not valid. A Rs 5,600-crore payment crisis came to light at the NSEL in 2013 and later the exchange was shut down. RAM RAM ANU ANU
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