NSEL Defaulter: Metkore Steel and Alloys Limited

In the year 2013 when National Spot Exchange Limited crisis came into light the parent company FTIL is blamed. But the defaulters who are actually responsible for all the money laundering are roaming scot-free. Defaulter AasthaMinmet, Lotus Refineries, Metkore  Alloys are some of the defaulters who are investigated by investigating agencies.

Metkore  Alloys is Andhra Pradesh based company. It turned out to be one of the biggest defaulter. Metkore  Alloys owes Rs 94.83 crore  to National Spot Exchange. Metkore  Alloys led by Prashant Boorugu and Savitha Boorugu. Amongst them Prashant Boorugu was arrested on 11 Aug 2014 but released on 11 Sep 2014. Metkore Steel and Alloys Limited (MAIL) has declared lockout at its Ferro-chrome manufacturing plant located in the north coastal Andhra district of Srikakulam.

In 2014 the factory employees reportedly blocked the representatives of the public sector Steel Authority of India (SAIL) and NSEL from inspecting the Ferro-chrome stocks that were kept at the company's warehouses in Tekkali town. The inspection was planned after the Maharashtra Protection of Interest of Depositors (MPID) court allowed the auction of Metkore's Ferro-chrome stocks worth of Rs 91 crore under the supervision of the monitoring and auction committee appointed by the Forward Markets Commission. NSEL NSEL invites bids to sell ferrochrome stock of defaulter Metkore Alloys.

There are other defaulters like Metkore  Alloys 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.