Categories: Business HourNews

FTIL salaries and other expenses to be disbursed, asserts HC

The Bombay High Court recently ordered the release of money needed for salaries and other statutory expenses from FTIL’s bank accounts that had been attached by the Economic Offences Wing (EOW) of Mumbai Police. This came as a major and much needed respite for the employees of Financial Technologies (India) Limited (FTIL). The EOW had attached immovable properties of FTIL worth Rs 2,000 crore including its bank accounts on 20th July alleging it of forgery and a payment default of Rs 5,600-crore. Following this, neither debit nor credit was allowed on these bank accounts.

Talking about the case, Abad Ponda, the lawyer appearing for FTIL stated that, “Employees salary and other statutory expenses need to be released to continue operations at FTIL,”
After crossing the hurdle, FTIL finally got a fair decision from BHC. As it is well renowned that, “A fair decision is based on knowledge and not on numbers”. It is a clear matter of FTIL and its employees being a prey to malicious controversies and the real defaulters walking scot-free. After the turbulent crisis of NSEL, the EOW has shifted its focus on Jignesh Shah, the Founder of exchanges charging him of forgery on illegitimate grounds. Talking about the matter, Shah stated that, “In India, either innovation is rewarded or destroyed… in my case, it was the latter.”
“While the actual defaulters remained scot-free, Shah who uninterruptedly co-operated with all investigating agencies including ED and EOW, remained behind bars,” argued Vineet Naik, counsel for Jignesh Shah.

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