Lawstreet Journal

The Supreme Court Hears Submissions By NSEL Challenging The Bombay High Court Order

Lawstreet Journal 7 Apr 2022 5:05am

Image courtesy: Lawstreet Journal Judiciary The Supreme Court Hears Submissions By NSEL Challenging The Bombay High Court Order

The submissions made by the National Spot Exchange Limited (NSEL) was partly heard by the Supreme Court, which was represented by the Senior Advocate Mukul Rohatgi in a batch of petitions filed by the State of Maharashtra and the NSEL Investors Action Group, which challenged the order passed by the Bombay High Court and which observed that the National Spot Exchange Limited (NSEL) was not a Financial Establishment within the purview of the Maharashtra Protection of Interest of Depositors in Financial Establishment Act 1999. 

A bench consisting of Justices DY Chandrachud, Surya Kant and Bela M Trivedi continued hearing the matter for the final disposal on Tuesday.

The bench consisting of Justices Smt. Bharati H Dangre andRanjit More, the Bombay High Court held that National Spot Exchange Limited (NSEL) was not a ‘financial establishment’ since it did not accept any deposits, as defined under the Maharashtra Protection of Interests of Depositors in Financial Establishments Act, 1999. It was held by the court that NSEL was a commodities exchange where commodities were traded between willing buyers and sellers acting through their brokers. It was also observed by the High Court that, “the EOW finding the entire money trail to the defaulters, the State attached properties of 63 Moons, which was not legally sustainable.

The Senior Advocate Rohatgi represented the investors of the NSEL and the wholly subsidiary of 63 Moons Technologies Ltd.

Submissions Made On Behalf Of The Counsel Of NSEL, Wholly Subsidiary Of 63 Moons Technologies Ltd:

The Senior Advocate Rohatgi – I will… Continue Reading...

Tagged: Supreme Court of India  
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