EOW ceases Prashant Desai FTIL operations in their new order


Prashant Desai in his recent interview with ZEE business news made some statements defending FTIL.  He was asked by an interviewer if he has anything to say on EOW’s new move in this case and their decision to put a hold on FTIL’s daily operations. Talking about the matter he stated that 1 year back the company got a report from EOW where they asked them to not dispose any of its accounts and allowed them to continue their day to day operations with ease, therefore their new order has somehow become hard to digest and was shocking when they now they have ceased the bank account of FTIL firm.

After getting this letter from EOW, the company took the matter  to Bombay High Court and got an approval on this decision made by EOW, so that’s the reason why this recent cease of the property has been a surprise to FTIL. Prashant Desai further added that they are still contemplating that on what basis EOW came up with this decision. FTIL has cooperated well with every authority and is ready to take any adequate punishment if they are proved guilty of conspiring with NSEL in their payment defaults. Other organization including CLB and MCA are also supports the company in this matter and want to know the whole issue.

After taking the letter to Bombay HC, they took it to Madras HC where they passed the mentioned order to the Supreme Court and then to NCLT. Hence FTIL discussed with NCLT to make a committee, whose members will be GOI nominee, Supreme Court judge, Prashant Desai himself and some board members. Veto power will be given to two prominent members of the committee. When asked about another allegation by Modulus on FTIL’s software ‘ODIN’ being used with their patent, he said that everyone should rather wait for an honest judgment from HC than to believe such half-baked allegations. They are going to keep their promise of returning every penny to the investors.


Leave a Reply