Juggernaut Projects pays Rs 0.40-cr to NSEL

In a major worry for investors, National Spot Exchange Ltd (NSEL) has received just Rs 0.40 crore from Juggernaut Projects Ltd on August 21 for the exchange’s scheduled second payout of Rs 174.72 crore on August 27.

The exchange, in its first payout on August 20, had received Rs 92.73 crore only resulting into a shortfall of Rs 81.99 crore from its total planned disbursal of Rs 174.72 crore.

NSEL in a statement posted on its website late Wednesday evening, said that it has received Rs 0.40 crore from Juggernaut Projects, the only payment made to it on that day. The company had paid Rs 0.60 crore out of the total scheduled pay-in from the company of Rs 7.34 crore for NSEL's first payout.

“The exchange is not going to achieve the payout target again. We have urged the Enforcement Directorate (ED) to look into the matter and the first raid has taken place today at the premises of some companies in co-ordination with the income tax department. We want full trail of investors’ money,” said Sharad Kumar Saraf, chairman, NSEL Investors’ Forum.

“At the same time, we are also trying to pursue Jignesh Shah, the promoter of NSEL through Financial Technologies to come out with an amicable solution. We met with him on Wednesday. But, the meeting ended without any concrete conclusion. We are meeting him again in the evening. But, because of raids on some companies, the meeting may be postponed. We want our money back”, he added.