Lotus Refineries counters NSEL's claim for receivables

Exchange categorised Lotus Regineries as only 'non-compliant' member in circular uploaded on its website

Mumbai-based edible oil producer and retailer Lotus Refineries has countered the claims made by the beleaguered National Spot Exchange Ltd (NSEL) for pending receivable dues of Rs 252.56 crore.

The exchange has categorised Lotus Refineries as the only “non-compliant” member in a circular uploaded on its website on Monday.

Protesting the claim, Lotus has submitted a letter to the Forward Markets Commission (FMC), the agency monitoring the payouts to investors, by saying NSEL was liable to pay a sum of Rs 108 crore to the edible oil company.

“We have already submitted our claims to the FMC with a receivable of Rs 108 crore from NSEL. We will follow the FMC’s advice,” said Arun Kumar Sharma, chairman and managing director of Lotus Refineries.

As per the FMC directive, NSEL uploaded its first settlement list of investors on its website. In the list, the exchange has classified N K Proteins Ltd as a company liable to pay Rs 967.15 crore to the exchange. The NSEL circular said the amount would be recovered through the sale of assets.