National Spot Exchange Limited was a platform for trading commodities and it came into news in the year 2013.
It was due to the payment crisis happened on July 2013. The huge sum of Rs.5600crore
was defaulted by the brokerage firms and defaulters. The issue came under
scanner of the various agencies since then. Exchange was enforced to stop all
trading activities & contracts. After the payment crisis Securities
Exchange board of India (SEBI), Investigating Agencies and NSEL had declared 22
members as NSEL Defaulters.
Investigation of these
defaulters and brokers resulted in evidences where fraudulent transactions they
made are reveled. According to NSEL and FTIL final merger order, it
has been said that the outstanding amounts will be recovered from the selling defaulter’s
assets. Hemce pursuing NSEL defaulters for recovery should be of chief
importance.
NSEL has always been cooperating with all the investigating
processes. They are willing to work with all parties to make sure complete
resolution and has been continuously involved in recovery efforts. There has
been various recovery efforts carried out by NSEL with the only focus to
ensuring that genuine clients receive their claims. NSEL
has taken efforts to affect recovery from defaulters. Recovery suits against
all defaulters had been filed.
NSEL also lend a hand to Investigative Agencies in recovery process. Time to time NSEL had extended all assistance required to Economic Offences Wing (EOW), to discover & freeze assets of defaulters. Enforcement Directorate (ED) is supporting them to attach assets pertaining to defaulters.
NSEL has been doing well in getting decrees on admission against 5 defaulters from the Bombay High Court to the sum of Rs. 1233.02 crores. NSEL has also been successful to obtained injunctions against the assets of defaulters from the Bombay High Court in respect of claims of Rs 4515.93 crores. A important part of the entire claim has therefore been secured and Rs 542.99 crores is already paid by NSEL. In view of foregoing, more than 100% of the claims of the traders are secured by way of decree, attachments and injunctions against defaulters.
NSEL also lend a hand to Investigative Agencies in recovery process. Time to time NSEL had extended all assistance required to Economic Offences Wing (EOW), to discover & freeze assets of defaulters. Enforcement Directorate (ED) is supporting them to attach assets pertaining to defaulters.
NSEL has been doing well in getting decrees on admission against 5 defaulters from the Bombay High Court to the sum of Rs. 1233.02 crores. NSEL has also been successful to obtained injunctions against the assets of defaulters from the Bombay High Court in respect of claims of Rs 4515.93 crores. A important part of the entire claim has therefore been secured and Rs 542.99 crores is already paid by NSEL. In view of foregoing, more than 100% of the claims of the traders are secured by way of decree, attachments and injunctions against defaulters.
No comments:
Post a Comment