FTIL’s accounts, salary and expenses are finally relieved by the High Court
Due to Jignesh Shah former case conundrum, EOW of Mumbai Police has taken hold of the money to stop the day-to-day operations of trading by FTIL It is a matter of fact that ED alleged him on illegitimate grounds, without any evidence. VineetNaik, his counsel in his defense, stated that Jignesh Shah helped the investigation agencies to get to the root of the issue while others defaulters didn’t cooperate with the investigators. And still, he’s the one being blamed for the whole matter.
The shareholders and employees are finally taking a relieved breath after the judgment turned out to be at their advantage or support. The decision was made recently ,allowing 63 Moon Technologies led by Jignesh Shah to operate their daily monetary operations like payment of their liabilities and salaries to employees. The two judges of the high court AS Syed and Justice Abhay Oka on their defense made EOW release their hold over FTIL property. FTIL earlier appealed Mumbai High Court for the partial release of their property by sending an official affidavit. But the court after receiving the document asked FTIL to send them a different application to be relieved from any hold of EOW on their statutory expenses and salary. But the deal was made on the condition that at the end of every month FTIL is required to send the audit report of their expenses to EOW.
This decision on their side has given a hope that now Jignesh Shah may also be relieved from all sort of blames that he’s being falsely accused of. The hearing on this was held on August 2nd , and there is a higher possibility that HC’s decision will turn on his side.