Illegal Arrest – Section 173 Of PMLA Act 2002

The Enforcement Directorate had arrested Mr Jignesh Shah on 12th July, 2016 under Section 173 of the Prevention of Money Laundering Act, 2002 (PMLA) on the grounds of non-cooperation with the investigation. · The ED claims they arrested Mr Shah for further investigation. · The...

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Is the state targeting Jignesh Shah?

The manner in which Jignesh Shah, the Founder of the financial infrastructure giant, 63 moons technologies ltd (formerly Financial Technologies India Limited), is being hounded, it only appears as if all the investigating agencies & regulators are hell bent on clutching him in every which way.  Like seen in most Bollywood films, the episodes of Jignesh Shah’s arrests and subsequent...

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Is it right to forcefully takeover the Board of 63 Moons?

The government had filed a petition under Section 397 & 398 read with Sections 388D, 388C, 401, 402, 403, 406 and 408 of the Companies Act, 1956 before the Principal Bench of the Company Law Board, now National Company Law Tribunal (NCLT), in New Delhi seeking removal and super session of the Board of Directors of 63 moons on the following two grounds: 1. Attempts to thwart the Amalgamation...

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Why is 63 Moons being targeted?

With discrepancies worth Rs 5600 cr, NSEL crisis not only reduced NSEL into a defunct body, but also unduly brought parent company, 63 moons, to bear for flawed corporate governance. Ever since, multiple government agencies appointed to investigate and catch wrongdoers have either fallen off-track...

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Contradiction of Section 396 | 63 Moons

The Ministry of Corporate Affairs (MCA) initiated a move in October 2014 on the recommendation of the Forwards Market Commission (FMC), for a merger of NSEL with its parent company, 63 moons. The speed at which the draft merger order was processed after the FMC’s recommendation raises eyebrows...

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