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NSEL headed for 6th straight default

According to the NSEL data,10 members out of 24 have paid in Rs 11.28 crore as on Monday to the bourse.

Written by ENS Economic Bureau | New Delhi |
September 24, 2013 12:25:09 am

Members of crisis-hit National Spot Exchange Ltd (NSEL) have paid just Rs 11.28 crore so far as against the scheduled payment of Rs 174.72 crore,raising the possibility of the sixth straight default on Tuesday.

According to the NSEL data,10 members out of 24 have paid in Rs 11.28 crore as on Monday to the bourse,against the the payout requirement of Rs 174.72 crore on Tuesday.

The 10 members include Topworth Steels and Power Ltd (Rs 9.65 crore),Sankhya Investments (Rs 64 lakh),Metkore Alloys & Industries (Rs 50 lakh) and Aastha Minmet India Pvt Ltd (Rs 10 lakh),among others.

Meanwhile,a high-level panel on alleged irregularities at NSEL has submitted its report to the finance minister which is believed to have pointed out certain ‘minor systemic’ failures in the functioning of the exchange.

The report details long term measures,economic affairs secretary Arvind Mayaram,who headed the panel,told reporters here.

The forthcoming annual general meeting of Financial Technologies (India) Ltd (FTIL) could well be a stormy affair as investors plan to protest outside the venue of the AGM on September 25. FTIL is the parent company of NSEL.

Harshal Shah of NSEL Investors Forum said,“Around 100 people will stage protest outside the venue and around 20 people,shareholders,will grill the FTIL brass during the AGM.”

FM to decide on action against NSEL,says Pilot

Mumbai: The finance ministry will decide on the action to be taken against NSEL as the panel,headed by economic affairs secretary Arvind Mayaram submitted its report on alleged irregularities in the bourse on Monday,corporate affairs minister Sachin Pilot has said.

“The finance minister will decide what action should be taken on the basis of Mayaram panel recommendations. As far as the corporate affairs ministry is concerned,if there are any violations of company law,we will take separate action,” Pilot said at a function at the BSE. pti

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