NSEL Defaulter Shree Radhey Trading Company Defies Bombay HC Order

Shree Radhey Trading Company, one of the defaulters of NSEL crisis is based in Saharanpur, Uttar Pradesh. It wholesales commodities such as spices, kirana and dry fruits.

Among the 22 defaulters of NSEL, Shree Radhey Trading Company has been declared as defaulter with total outstanding due of 34.59 crore. Ramesh Nagpal, Proprietor of Shree Radhey Trading Co. failed to make payments to the exchange on due dates and hence was declared  defaulter by National Spot Exchange Ltd. on 28th August 2013.

Ramesh Nagpal – Proprietor of Shree Radhey Trading Company

High Court orders against NSEL Defaulter – Shree Radhey Trading Company

Bombay High Court had directed NSEL Defaulter Shree Radhey Trading

Ø  To dispose perishable goods (Stocks of Red chilly & black pepper)

Ø  To get an inventory prepared

Ø  To allow inspection by EOW & NSEL

Ø  To deposit sale proceeds in escrow account

­Inspite of the above orders given by the Bombay High Court; NSEL Defaulter Shree Radhey Trading Company defied the order. Shree Radhey trading Co. obstructed EOW and NSEL from entering their warehouse. Following this incident Bombay High Court warned NSEL Defaulter Shree Radhey Trading that if they obstructed again it would be treated as contempt of court. Bombay High Court had ordered EOW to break open lock of the warehouse facility of Shree Radhey Trading Company containing perishable commodities (red chilly and black pepper) at Saharanpur, Uttar Pradesh. Bombay High Court has made it clear that NSEL Defaulter Shree Radhey Trading will have to comply with Court orders.

The following properties of Shree Radhey Trading Company have been secured for attachment by Economic Offences Wing (EOW) of Mumbai Police:

Asset Type	Location Details	Area
FLAT	4/624, JAFFAR NAWAZ , PULSUBJI MANDI, DIST - SAHARANPUR 247001, UTTAR PRADESH
FLAT	NEAR SBI, RAVINDRA TALWAR WALI GALI, VIJAY TALKIES, CHAKRATA RD, SAHARANPUR, U.P. CHAKRATA RD, SAHARANPUR, UTTAR PRADESH
LAND	COMMERCIAL LAND, BEHIND TAJ HOTEL SAHARANANPUR, UTTAR PRADESH	1100 SQ YARD
PETROL PUMP	CHAKROTA RD, SAHARANPUR, UTTAR PRADESH
AGRICULTURAL LAND	NALHAR­A BAKEL - AMBALA HIGHWAY ROAD , SAHARNAPUR, UTTAR PRADESH	2.95 HECTARES
CINEMA HALL	R. G. PALACE CINEMA HALL, CHAKROTA RD, SAHARANPUR, UTTAR PRADESH
COLD STORAGE FACILITY	RADHEY TRADING, JANATA ROAD, SAHANANPUR, UTTAR PRADESH

Economic Offences Wing has been successful in seizing the properties of Shree Radhey Trading company, who have repeatedly failed to honour orders passed by the Bombay High Court. EOW is now directed to place progress report in the matter by next hearing. Proceedings are adjourned to 4th February, 2015 at 2:00 pm.

Importance of Women in Indian Economy

As women account for almost half of any country’s talent base, empowering their participation in the workforce greatly enhances productivity and nurtures economic growth. Since the last few decades, there has been drastic change in women education. Despite rapid economic growth, gender disparities in women’s economic participation have remained deep and persistent in India. What explains these gender disparities? The Indian development model has still not fully incorporated the important role played by women for driving the economic growth of the country. Current governments at state and central level must understand that no nation can progress unless its women are given adequate safety, security and equal access to opportunities. In India, social evils and a rising physical abuse are confronting women in urban and rural areas.

A multitasking woman

A host of studies suggest that putting earnings in women’s hands is the intelligent thing to do to speed up development and the process of overcoming poverty. Women usually reinvest a much higher portion in their families and communities compared to men. This could be one reason why countries with greater gender equality tend to have lower poverty rates for example the United States of America. Many women have broken the glass ceiling in the corporate world. Owing to their incredible knowledge, sheer hard work and remarkable performance, they have created a respectable platform for themselves in the corporate world and society. Women have established themselves across various platforms like teachers, doctors, nurses, typists, clerks, receptionists, air-hostess as well as in Indian Air force. Women's contributions in politics and social services have also been quite significant. A very obvious example could be that of Indira Gandhi and Mother Teresa.

In a country like India, where nearly 70% of the population lives in rural areas, access to educational opportunities is limited. Add to this the social attitudes towards women we need a complete new approach if we have to achieve economic development for women. When we educate one woman, it turns out to be a chain reaction, where she changes the life and economy of the society she lives in. Hence no developing country or society can afford to ignore the role of women, if they have to progress.