NSEL-PD settlement stuck on disagreement

Interestingly, the two sides were set to sign a settlement agreement on Friday with understandably 9% of haircut

A settlement between Karnal-based P D Agroprocessors and the National Spot Exchange Ltd (NSEL) is stuck due to a huge difference in the dues claimed by the two. While NSEL claims P D is the third-largest borrower, with dues of Rs 644.5 crore, P D says its dues are Rs 260 crore.

The two were to sign a settlement agreement on Friday. But the proposal was deferred, as P D sought NSEL provide a revised statement of dues of Rs 260 crore. "The sum claimed by NSEL includes a huge chunk of unwanted figures. NSEL has levied a huge sum of rollover charges. Why should we bear these? We are ready to pay the actual sum, around Rs 260 crore. We sought a reconciled statement, which NSEL is yet to give. Once it comes, we will pay dues immediately," said Abhimanyu Atri, director, PD, and MD, AB Waves Construction.

Surendra Gupta, managing director of PD, distanced himself from any controversy, possibly to shield his other business interests, including basmati rice exports under the banner of Dunar Foods.

Atri confirmed EOW raids on PD premises. "We have already paid Rs 7 crore in the last few days," he said.

PD has been negotiating with EOW. It's cheque of Rs 11 crore had bounced twice. PD traded on NSEL on behalf of Dunar Foods, Dulisons Cereals and Dulisons Foods.

It was found PD's former chief financial officer Ranjeev Aggarwal had borrowed Rs 42.77 crore for his real estate venture from P D Agroprocessors. Aggarwal has agreed to repay the amount in eight instalments.