Over 92% NSEL traders approve Rs 1,950 crore one-time settlement plan

The settlement scheme filed with NCLT proposes a payout to 5,682 traders to resolve the 2013 NSEL crisis, with rights transferred to 63 moons upon approval

Over 92 per cent of traders of the National Spot Exchange (NSEL) have approved the one-time settlement amounting to Rs 1,950 crore, the company stated on Tuesday.

 

The company, backed by parent 63 moons technologies, had filed a scheme for settlement in the National Company Law Tribunal (NCLT), Mumbai, for a one-time amicable full and final settlement with 5,682 traders. The matter pertains to the payments crisis in NSEL in 2013, due to which traders’ money was stuck for a long period. The settlement was originally proposed by the NSEL Investors Forum. 

 

“As per the scheme of settlement, an amount of Rs 1,950 crore shall be paid to 5,682 traders in proportion to their outstanding as on 31 July 2024. This settlement would mean closure of legal cases against the group along with assignment of all rights of traders in favour of 63 moons,” stated NSEL. 

 

The report by the scrutiniser on e-voting results showed that 92.81 per cent of traders in number and 91.35 per cent in value had voted in favour of the resolution, giving their assent to the settlement.

 

NSEL had earlier in August 2013 paid around Rs 179 crore to over 7,000 traders whose outstanding was less than Rs 10 lakh. The remaining 5,683 traders with claims over Rs 10 lakh will get around 49 to 64 per cent of the amount back, stated NSEL.