NSEL Defaulter Namdhari Foods

In 2013 when National Spot Exchange Limited crisis came into light the parent company FTIL is taking up blame. But the defaulters who are actually responsible for all the money laundering are roaming scot-free. Defaulter AasthaMinmet, Yathuri Associates, Namdhari Foods, White Water are some of the entities who are investigated by investigating agencies.

Namdhari Group is one of the Produces two varieties of rice brands namely Namdhari Food and Namdhari Rice. Namdhari Foods is a NSEL Defaulter with the defaulting amount of total 61.41 Cr.

Advocate appearing for Namdhari submitted that paddy has been sold as per the HC order and money is lying with the Competent Authority. He was not aware whether the goods were lifted or not. He was then given an affidavit filed by NSEL with a direction to file their reply with additional directions to comply with earlier directions, failing which applicable recommendations will be made by the Hon’ble Committee to the Hon’ble Bombay High Court.

There are other defaulters like Namdhari Group who are spending their lives on the defaulted money of NSEL investors. Enforcement Directorate is considering freezing assets of some other defaulters for the recovery of NSEL money.