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PMLA Appellate Tribunal also releases assets of 63 Moons Technologies from ED attachment

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The PMLA Appellate Tribunal released the assets of 63 Moons Technologies from attachment by the Enforcement Directorate (ED).

This order comes soon after the Bombay High Court order, which quashed the attachments of 63 moons assets under the MPID Act.

However, the Tribunal, after quashing the attachment orders, has made it subject to filing of an indemnity bond within a week. The Tribunal has restrained 63 moons from dealing with the released assets till pendency of the trial of the larger issues in the PMLA court.

63 moons, based on sound legal advice, is of the opinion that passing of this sort of restraint order and of seeking an indemnity bond, particularly when the orders of attachment have been quashed, is beyond the power of the Tribunal under the PMLA. 63 moons will take appropriate legal recourse against this part of the order.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, September 17 2019. 15:49 IST