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EOW action is strangling a listed entity : 63 moons

The employees of 63 moons staged a peaceful protest at Azad Maidan on wednesday against the freezing of their Company's Operating Accounts by the EOW - Mumbai Police

The employees of 63 moons staged a peaceful protest at Azad Maidan on wednesday against the freezing of their Company’s Operating Accounts by the EOW – Mumbai Police


Mumbai, April 11, 2018 (GNS) :Today, over 1,000 legitimate employees with full KYC related documents, staged a peaceful demonstration at Azad Maidan protesting against the action of the EOW-Mumbai Police of freezing the operating accounts of their Company. This highhanded action of the investigating agency not only hinders the process of day-to-day operations of a listed and running company, but also salary of its employees. They have also submitted their representation to the Chief Minister’s Office and to the office of Commissioner of Police, seeking to defreeze operating accounts of the Company. The demonstration staged by the 63 moons employees’ organization is against the unfortunate action of the investigating agency, which seems to have born out of desperation and frustration and devoid of any logic.

Eventually, this move will not only affect approximately 1000 employees and their families, but also over 800 clients using more than 25 lakh ODIN licenses on five lakh terminals, and in turn effectively 10 lakh jobs, in stock exchanges and commodity exchanges and other areas, and 200+ vendors/creditors.

As a Company, 63 moons technologies limited, which was formerly known as FTIL, fails to understand the reason for such a gruesome action against the company when there is no linkage to or received any alleged proceed of crime.

Government of Maharashtra (GoM) notification dated September 21, 2016 had clearly mentioned attachment of all Fixed Assets and Investments and clearly excluded periodically accrued benefits of these investments.

EOW, through different forums had mentioned that they had secured assets worth approximately Rs 8,600 crore as against the outstanding default amount of Rs 5,300 crore. Which demonstrates that there is no requirement of further attachment, particularly from 63 moons. Thus the Company has been seeking that realization, particularly from defaulters, be expedited to settle the payment.

During the month of March 2018, many of Company’s investments in Banks were prematurely paid as per the decision taken by the Reserve Bank of India. It may be noted that the Company has not taken any action or made application to such an effect and it was a suo moto action by banks to repay.

The Company thus received funds in its operative account and as a law-abiding institution, was in the process of making fresh investments and provide its details of NSDL accounts to EOW for attachment. It may be recalled that on September 21, 2016 notification clearly and automatically attaches all new investments made out of old. Thus, there was no need for EOW to take such action of fresh attachments.

The Company trusts strongly in the supremacy of judiciary in our country and believes in equal right given to each citizen of fair and impartial investigation. However, the investigating agencies – seemingly guided by some invisible hand – is ignoring this fundamental right by focusing all actions against the 63 moons while not a single defaulters’ operating accounts have been frozen. This is despite the fact that the same agency has traced and established the entire money trail in the NSEL payment crisis to these 24 defaulting entities.This entire action has been done at the behest of an invisible hand, which is trying to derail the investigation from the right track. The effort seems to be towards maligning the reputation of 63 moons and weaken the legal defense of the Company, which is our undisputable legal right. The police are supporting illegal demands of persons who are yet to be proven to be genuine claimants, and is taking actions based on their motivated agenda.

The EOW-Mumbai has already frozen Rs 1800 crore worth of bonds, despite there being no link to proceeds of crime. There are no hidden funds in the operating accounts and everything is transparent and above the board.

While we will be approaching the appropriate democratic forum in our quest for justice for our stakeholders which include our shareholders, employees, clients and debtors, we appeal to the good offices of the investigating agency to defreeze the operating accounts of the Company.ENDS

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