NSEL defaults on 3rd pay-out; Members pay only Rs15.37 cr

The National Spot Exchange Ltd (NSEL) has defaulted in payment of Rs 174.72 crore to investors.

Written by Express News Service | Mumbai | Published: September 4, 2013 1:32:17 am

The National Spot Exchange Ltd (NSEL) has defaulted in payment of Rs 174.72 crore to investors as it could pay only Rs 15.37 crore,its third consecutive failure to meet payment obligations.

NSEL had defaulted in the first two pay-outs as it received only Rs 92.73 crore from members in the first pay-out and Rs 12.05 crore in the second pay-out,out of the scheduled Rs 174.72 crore each.

Members who defaulted were ARK Imports,Lotus Refineries,Mohan India,Loil Continental Food,Namdhari Food International,NCS Sugars,Spin Cot Textiles,Tavishi Enterprises,Vimladevi Agrotech,Yathuri Associates,PD Agroprocessors,Shree Radhey Trading,Juggernaut Projects and among others.

Panels to submit reports by Sept 12

New Delhi: The two working groups,set up to look into violations by NSEL in the payment crisis on the commodity exchange,are likely to submit their reports to the Department of Economic Affairs by September 12. pti

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