High Court passes decree against Ark Imports, says NSEL

NSEL and its directors have been under the scanner of multiple investigative agencies in the country.

By: ENS Economic Bureau | Mumbai | Published:July 29, 2015 2:52 am

The National Spot Exchange Ltd (NSEL) on Tuesday said the Bombay High Court has passed a decree against Ark Imports Pvt Ltd, one of the top defaulters, for selling off its property to recover dues of Rs 719.37 crore. The commodity spot exchange is currently battling a Rs 5,600 crore payment crisis.

The NSEL payment scam came to light on July 31, 2013, when the exchange suspended trading in all its contracts. NSEL proposed a payout plan on August 14, 2013, but the commodity spot exchange had not been able to make a single successful payout till date. Since then, NSEL and its directors have been under the scanner of multiple investigative agencies in the country.

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“This decree passed by the Hon’ble Bombay High Court is a major shot in the arms of NSEL’s recovery efforts. With this, we have moved another step in a right direction, and look forward to similar decrees against other defaulters,” said Prakash Chaturvedi, joint managing director of NSEL.

As on July 2, Ludhiana-based Ark Imports owes Rs 719.21 crore to NSEL. According to NSEL with the latest decree against Ark Imports, the total amount that has been secured from 17 defaulters for recovery stands at Rs 4,288.29 crore.

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