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National Spot Exchange Limited defaults for 16th time,pays Rs 9 cr against Rs 174.72 cr

National Spot Exchange Limited has so far settled about Rs 244 crore against Rs 5,600 crore dues.

Written by PTI | New Delhi | Published: December 4, 2013 4:04:52 pm

Crisis-ridden bourse National Spot Exchange Limited (NSEL) today paid around Rs 9 crore against the scheduled payment amount of Rs 174.72 crore,defaulting for the 16th straight time.

With today’s pay-out,National Spot Exchange Limited (NSEL) has so far settled about Rs 244 crore against Rs 5,600 crore dues to 13,000 investors.

National Spot Exchange Ltd (NSEL),which is engulfed in a Rs 5,600-crore payment crisis,had previously defaulted for 15 times. On its seventh pay-out date and thirteenth pay-out date,the bourse was unable to make any payment.

“The total amount being disbursed today is around Rs 9 crore,” an NSEL spokesperson said.

Topworth Steels and Power has made a payment of about Rs 9 crore to the exchange,while 23 of other investors have defaulted,he added.

The bourse also has received Rs 11 crore from defaulting member Mohan India,which is credited to the escrow account. The amount shall be disbursed after obtaining necessary approval from the relevant authorities.

National Spot Exchange Limited (NSEL) had availed a bridge loan of Rs 177.23 crore from its promoter Financial Technologies (FTIL) to make payments on priority basis to small investors.

National Spot Exchange Limited (NSEL),promoted by Jignesh Shah-led FTIL,is facing the problem of settling dues to 148 members after it suspended trade on July 31 on the government direction.

The bourse had earlier said it plans to settle all the dues in 30 weeks time,by paying Rs 174.72 crore for first 20 weeks followed by Rs 86.02 crore in next 10 weeks.

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