NSEL: HC directs PC, others to file statement in 4 weeks

Mumbai, Dec 13 (SocialNews.XYZ) The Bombay High Court on Friday asked Congress leader P. Chidambaram, former Forward Market Commission (FMC) Chairman Ramesh Abhishek and serving bureaucrat K.P. Krishnan to file their statements in the the Rs 10,000 crore damage suit by 63 Moons Technologies within four weeks.

The court warned the three that this would be the last extension given to them, as they missed the deadline for the second time.

The bench said that if the trio fail to submit the statements within the 4-week deadline, then it would be considered as an undefended suit.

In October 22, 2019, the Bombay High Court had directed Chidambaram, Ramesh Abhishek and KP Krishnan to file their written statements within eight weeks in the Rs 10,000 crore damages suit filed by 63 moons technologies limited.

The court had also rejected the plea of Chidambaram's counsel for further liberty saying that eight-week time is more than enough to file the written statements.

In February, 63 moons had said that it served legal notice to Chidambaram and the two others seeking damages worth Rs 10,000 crore.

The company has alleged that the three individuals played a major role in perpetrating the NSEL payment crisis to destroy the exchange ecosystem created by 63 Moons. As per 63 Moons, it resulted in huge damage and value erosion and loss of employment.

In August, the Bombay High Court had ruled that the National Spot Exchange Ltd (NSEL) is not a financial institution and hence notifications for attachment of the company's assets, including bank accounts and properties, under the MPID Act stand quashed.

The company (63 Moons) has also filed a case against Ramesh Abhishek in Madras High Court seeking Central Vigilance Commission (CVC) probe into the matter.

Source: IANS