The Bombay High Court was informed by the Maharashtra Government that it intends to seize the assets of IIFL Commodities Ltd, implicated in the National Spot Exchange Ltd payment default issue. This information was relayed following a summons issued to the principal secretary of the Maharashtra Home Department by the division bench of the high court, comprising Justice Revati Mohite Dere and Justice Manjusha Deshpande, on March 12th.

The principal secretary of the home department was called upon by the high court because the state failed to specify in its affidavit the actions it intended to take in response to the previous order issued by the high court.

After investing substantial sums in NSEL based on assurances of fetching 15-18% returns from the stockbroker, an investor filed a complaint. Subsequently, following the default, an FIR was lodged under the MPID Act. The Mumbai Economic Offence Wing has since filed 11 chargesheets, alleging a scam worth Rs. 5600 crore, after a span of nine years.

Vishwanidhi Dalmia, an investor, approached the high court seeking the attachment of IIFL's properties, alleging that the company had enticed investors into investing in NSEL. The Special Public Prosecutor informed the high court that the investigating officer would evaluate the possibility of attaching the assets. In 2023, Dalmia once more petitioned the high court for property attachment. The high court requested a comprehensive affidavit from the state, which was initially submitted without sufficient details regarding property attachment.

As a result, the high court summoned the principal secretary, who provided assurance to the court that the properties would be attached within four weeks through the issuance of a notification.

Case Title: Vishvanidhi Dalmi vs State of Maharashtra & Ors