NSEL scam: Bombay HC orders NSEL borrower to pay Rs 157 cr

Aastha Minmet and Juggernaut Projects ordered to pay Rs 12.5 cr and Rs 145 cr respectively

The Bombay High Court on Wednesday ordered Aastha Group to pay Rs 157.5 crore in four weeks in a case related to Rs 5,600-crore payment crisis at National Spot Exchange Ltd (NSEL).

While Aastha Minmet India Pvt Ltd has been ordered to pay Rs 12.5 crore, another group company Juggernaut Projects Ltd was asked to deposit Rs 145 crore within the stipulated time. Both the group companies have a total payment obligation of Rs 26.47 crore and Rs 220.2 crore, respectively,  when the crisis erupted in NSEL in 2013.

As of date, however, Aastha Minmet has paid Rs 3.96 crore to NSEL while Juggernaut deposited has Rs 1 crore.

Prakash Chaturvedi, chief executive, NSEL, said, “Obtaining decree against Aastha Group has been possible only because of the relentless and untiring efforts of NSEL recovery and legal team, which is continuously working in the best interests of the genuine trading clients. None from the so-called Investor Forum and Action Group have even bothered to participate in the proceedings. Nor anyone from the other interest groups has lent any help and support in obtaining the decrees. In fact, the actions of FMC (Forward Markets Commission, erstwhile regulator of commodity futures markets) played a pivotal role in manufacturing the crisis at NSEL and then maintained a supreme silence, taking no action against the defaulters and brokers, when there was a complete money trail leading to the defaulters and even when being fully empowered by the government to take all action against the defaulters for recovery.”

Thus, the total amount secured for recoveries stands at Rs 4,516 crore, out of which Rs 1,233 crore is by way of decree. Recently, a court ordered the sale of property of one of the defaulter-members of NSEL, Mohan India Group, worth Rs 350 crore.

“We once again appeal to all genuine traders to come forward and join hands with NSEL in strengthening our efforts in recovering money from the Defaulters.”

PAY UP IN FOUR WEEKS

• The Bombay High Court on Wednesday ordered Aastha Group to pay Rs 157.5 crore in four weeks in a case related to Rs 5,600-crore payment crisis at National Spot Exchange Ltd (NSEL)
  

 

While Aastha Minmet India Pvt Ltd has been ordered to pay Rs 12.5 crore, another group company Juggernaut Projects Ltd was asked to deposit Rs 145 crore within the stipulated time