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MCA seeks NSEL investigation details from EOW

Meanwhile, NSEL has sent detailed response of query raised by the Forward Markets Commission

Sharleen D’Souza & Dilip Kumar Jha  |  Mumbai 

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The Ministry of Corporate Affairs (MCA) has sought details of progress made in the investigation of the beleaguered Spot Exchange Ltd (NSEL) case which faces Rs 5,600 crore payment crisis.

“The MCA is in touch with us. They have sought details of progress made in NSEL investigation. Probably, the matter will be discussed in the Parliament,” sources at the Economic Offences Wing (EOW) of the Mumbai Police said on Tuesday.

Meanwhile, NSEL has sent detailed response of query raised by the Forward Markets Commission (FMC) seeking - how to bridge the “haircut” gap between the settlement amount of Rs 771 crore and outstanding amount of Rs 952 crore between Mohan India Group and NSEL.

Facilitated by the Delhi Chapter of the NSEL Investors’ Forum, the settlement was apparently approved by the Maharashtra Protection of Interest of Depositors (MPID) court recently despite 15% “haircut”.

Interestingly, the FMC had asked NSEL to clarify as to how the gap arisen out of the agreed “haircut” will be bridged.

According to informed sources, NSEL in its response has said, “Since the NSEL Investors Forum’s Delhi chapter was the facilitator of the settlement, presumably, the “haircut” will be borne by investors.

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First Published: Tue, December 10 2013. 19:49 IST