NSEL’s fifteenth payout to investors trickles to Rs9 crore
27 Nov 2013
National Spot Exchange Ltd (NSEL) on Tuesday managed to pay a mere Rs9 crore to its investors against the scheduled payment of Rs174.72 crore in the fifteenth payout of a phased settlement.
The beleaguered bourse, forced to shut down under government directions following a settlement crisis, said Topworth Steels and Power Pvt Ltd, one of the several defaulters, has made a payment of about Rs9 crore to the bourse while 23 other investors have defaulted, he further said, an NSEL spokesperson said.
"The total amount being disbursed today is around Rs9 crore," he said.
NSEL has so far paid about Rs235 crore to investors against the Rs5,600-crore it owes to 13,000 investors.
NSEL has been defaulting in all earlier payouts, after it shut operations upon government direction, while it was unable to make any payment on the seventh and thirteenth payout dates.
NSEL had, meanwhile, availed a bridge loan of Rs177.23 crore from its promoter Financial Technologies India Ltd (FTIL) to make payments to small investors on a priority basis.
NSEL, promoted by Jignesh Shah-led FTIL, is facing problem in settling Rs5,600-crore dues to 148 members after it suspended trading operations on 31 July 2013 on the government direction.
NSEL had earlier announced plans to settle all the dues within 30 weeks, by paying Rs174.72 crore for first 20 weeks followed by Rs86.02 crore in next 10 weeks.
Meanwhile, NMCE, the country's third largest commodity bourse, has directed its members to exercise due caution while dealing with NSEL defaulters.
In a directive to its members, Ahmedabad-based NMCE said, "Please note that, the entities mentioned in the Annexure-1 have been declared as defaulters by NSEL. Members are therefore advised to exercise caution while dealing directly/ indirectly with any of the said entities."
The annexure included 19 entities, including ARK Imports Pvt Ltd, Loil Overseas Food, Lotus Refineries, N K Proteins, NCS Sugar, Spin Cot Textiles, Tavishi Enterprises, White Water Foods, Shree Radhey Trading Co, P D Agroprocessors, Swastik Overseas Corp and Juggernaut Projects.
Vimladevi Agrotech, Yathuri Associates, LOIL Continental Food, LOL Health Food, Mohan India, Namdhari Food International and Namdhari Rice & General Mills are also on the NMCE list.
