63 Moons Tech freezes in 10% upper circuit as company wins MPID case

In April 2018, the Maharashtra government had issued several notifications and orders to attach property worth Rs 2,500 crore, including reserves of around Rs 1,800 crore in several bank accounts.

Shares of 63 Moons Technologies were locked in the upper circuit band of 10 per cent at Rs 116 apiece on the BSE on Friday after the Bombay High Court struck down the Maharashtra government’s order for attaching properties worth Rs 2,500 crore in a National Spot Exchange (NSEL) scam case.

“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 Bench of judges Ranjit More and Bharati Dangre observed. The judges also rejected