NSEL scam:Centre asks Maha to expedite attached assets auction

Seeking to expedite the resolution of NSEL scam case, the Centre has asked Maharashtra government to quickly auction Rs 6,116 crore of assets attached so far and refund investors at the earliest.
NSEL, the commodities exchange owned by Financial Technologies, had in July 2013 abruptly suspended trading in most of its contracts.
An investigation by the erstwhile commodities regulator FMC (Forward Markets Commission) pointed to a Rs 5,500 crore fraud after the exchange defaulted on obligations to market participants and did not have enough collateral.
While the scam is being investigated by the Economic Offences Wing (EOW) of Mumbai Police, Enforcement Directorate (ED), Securities and Exchange Board of India (SEBI), Financial Intelligence Unit, and Ministry of Corporate Affairs (MCA), the progress is being monitored by the Department of Economic Affairs (DEA), Ministry of Finance.

DEA has so far held 11 review meetings, including the latest one on June 6 under the Chairmanship of Economic Affairs Secretary Shaktikanta Das, an official statement said.
"Action has been initiated by the Government of Maharashtra to auction attached properties... The auction of attached properties needs to be expedited and the money realised may be returned to the investors at the earliest following the due procedure," it added.

After the Maharashtra government issued a gazette notification on March 17 for attachment of 151 properties worth Rs 358.46 crore, the total value of assets attached so far has risen to Rs 6,115.25 crore, it was informed at the meeting.

On the merger of NSEL with FTIL, it was informed that the Bombay High Court had restrained the government from notifying the merger details.
"In the review meeting, MCA was requested to take quick action and ensure that the case is handled on priority. Further, it was advised that a senior officer should visit Mumbai to follow up on the Court case," the statement said.