Maharashtra protection of interest of depositors - Latest News Update, Information, Photos & Videos on Maharashtra protection of interest of depositors at Lokmat Times

New Delhi, April 22 The Supreme Court on Friday upheld the Maharashtra governments order to attach the assets of 63 moons technologies under the Maharashtra Protection of Interest of Depositors (MPID) Act in the Rs 5,600 crore National Spot Exchange Ltd (NSEL) payment default case.The apex court set aside the Bombay High Court judgment that had quashed the notifications of the Maharashtra government against 63 moons.The Supreme Court allowed the Maharashtra government's appeal against the Bombay High Court's direction to free the attachment of assets of 63 moons technologies.Pronouncing the judgement, the bench of Justices D.Y. Chandrachud, Surya Kant and Bela M. Trivedi said: "For the reasons recorded, we allow the appeals and set aside the impugned judgment of the Bombay High Court. The notifications issued under Section 4 of Maharashtra Protection of Depositors in Financial Establishments Act, 1999 of attaching the property of the respondent are valid."Appearing for 63 moons technologies, senior advocate Abhishek Manu Singhvi urged that the special court be asked to decide the matter within three months.The bench asked Singhvi to move an application for such a prayer.In its judgement in 2019, the Bombay High Court had said, "NSEL is not a financial establishment within the purview of the Maharashtra Protection of Interest of Depositors (MPID) in Financial Establishments Act (under which attachment was made). Hence, we decline the prayer (of the state)."The court held that NSEL was not a financial establishment since it did not accept any deposits, as defined under the MPID Act. It noted that NSEL was a commodities exchange where commodities were traded between willing buyers and sellers acting through their brokers.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Narendra Modi

Lok Sabha Election 2024

Heatwave In India

Mumbai Mega Block

Maharashtra Lok Sabha Election

T20 World Cup 2024

Maharashtra Protection Of Interest Of DepositorsFOLLOW

Maharashtra protection of interest of depositors, Latest News

International :SC rejects challenge to MPID Act validity, upholds Maha order to attach 63 moons assets

New Delhi, April 22 The Supreme Court on Friday rejected the challenge against the constitutional validity of the ... ...

National :SC upholds Maha govt order to attach 63 moons' assets under MPID

New Delhi, April 22 The Supreme Court on Friday upheld the Maharashtra governments order to attach the assets ... ...