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Headlines

Bombay HC seeks response from PC in 63 moons damages suit

Mumbai, Oct 22


The Bombay High Court on Tuesday directed former Finance Minister P. Chidambaram, former Forward Market Commission Chairman Ramesh Abhishek and serving bureaucrat K.P. Krishnan to respond within eight weeks in the Rs 10,000 crore damages suit filed by 63 moons Technologies Limited.

Chidambaram was the Union Finance Minister when the NSEL crisis came to light in 2013 and FMC was then headed Abhishek. Krishnan, who currently serves as Secretary for Skill Development and Entrepreneurship, was then the Finance Secretary.

Justice A.K. Menon, during the hearing, said that if the three are not able to file their written statement within the stipulated time, 63 moons will be able to apply for 'ex-parte decree'. An 'ex-parte decree' is a decree passed against a defendant in absentia.

However, the counsel representing Chidambaram requested for liberty, which was rejected by the court and the bench observed that the eight-week time is more than enough to file the written statements.

In February, 63 moons had said that it served legal notices to Chidambaram and the two others seeking damages worth Rs 10,000 crore.

The company has alleged that the three individuals played a major role in perpetrating the NSEL payment crisis to destroy the exchange ecosystem created by 63 moons. As per 63 moons, it resulted in huge damage and value erosion and loss of employment.

In August, the Bombay High Court had ruled that the National Spot Exchange Ltd (NSEL) is not a financial institution and hence notifications for attachment of the company's assets, including bank accounts and properties, under the MPID Act stand quashed.