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.