‘Wrongdoers’ removed,steps being taken: NSEL

The division bench of Chief Justice Mohit Shah and Justice MS Sanklecha was hearing a petition.

Written by Press Trust Of India | Mumbai | Published: September 6, 2013 2:33 am

National Spot Exchange Limited (NSEL) on Thursday assured the Bombay High Court that it was taking steps to protect investors’ interests,and an oversight committee had been appointed to look into the alleged Rs 5,500 crore scam. It also said that “wrongdoers” had been now removed from its management.

The division bench of Chief Justice Mohit Shah and Justice MS Sanklecha was hearing a petition filed by Indian Council of Investors seeking direction to NSEL that it should safeguard the rights of the investors after the bourse plunged into a crisis in July this year. The PIL also seeks that commodity market regulator Forward Markets Commission and other authorities should take immediate custody and control of commodities stated to be lying in the warehouses.

Senior counsel Janak Dwarkadas,appearing for NSEL,told the court that it had taken some steps. “A fresh management has been appointed. An oversight committee… has been appointed,” he said.

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