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NSEL declares 10 more members as defaulters

Members,who failed to make payments,have been asked liquidate all their realisable assets.

Written by Express News Service | New Delhi |
August 29, 2013 1:32:03 am

The National Spot Exchange Ltd (NSEL) on Wednesday declared ten more entities as defaulters after they failed to pay their dues in the second settlement,taking the total number of defaulters to 19.

The members who have today been declared defaulters are: LOIL Continental Food,LOIL Health Foods,Mohan India,Namdhari Food International,Namdhari Rice and General Mills,White Water Foods,Shree Radhey Trading Company,P D Agroprocessors,Swastik Overseas Corp and Juggernaut Projects. The exchange also declared the name of clients who traded through defaulting members.

The Forward Market Commission (FMC) had earlier directed NSEL to declare members,who have failed in making payments,as ‘defaulters’ and liquidate all their realisable assets. It also asked NSEL to auction defaulters’ commodities lying in the accredited warehouses as collateral. The exchange has filed complaints against five defaulters with the Economic Offences Wing (EOW) of the Mumbai police as the exchange found they did not have adequate commodities in the warehouses required under the exchange circulars and rules. EOW is collecting information on the defaults,sources said.

Meanwhile,Financial Technologies (India) Ltd (FTIL),the promoter of the exchange,announced that two more directors have quit from its board. In a BSE filing,FTIL said: “CM Maniar and N Balasubramanian,directors of the company,have resigned from the board and thus ceases to be the directors of the company.” FTIL board now comprises chairman and group CEO Jignesh Shah,whole-time directors Dewang Neralla and Manjay Shah and directors Chandrakant Kamdar and Ravi K Sheth. Two other FTIL directors R Devarajan and PR Barpande resigned from the board last week.

For third pay-out,bourse receives only R80 lakh

Press Trust of India

New Delhi,August 28

The National Spot Exchange (NSEL) could gather only Rs 80 lakh today from its members and clients against the third scheduled pay-out of Rs 174.72 crore which is due on September 4.

Of 24 members,only two members have paid a total of Rs 80 lakh on Wednesday,according to an update from the exchange.

NSEL had announced a seven-month plan to settle the dues to investors.

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