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Nilesh Patel's bail plea rejected

With payment obligations of Rs 970 crore, Patel made a proposal in court to pay Rs 25 crore upfront and Rs five crore every month till the payment of Rs 275 crore is completed

Sharleen D'Souza  |  Mumbai 

The sessions court on Wednesday rejected the bail plea of Nilesh Patel, managing director of NK Proteins, the largest defaulter in the Rs 5,600-crore Spot Exchange Ltd (NSEL) payment crisis.

With payment obligations of Rs 970 crore, Patel made a proposal in court to pay Rs 25 crore upfront and Rs five crore every month till the payment of Rs 275 crore is completed.

The court extended the judicial custody of the former managing director of NSEL, Anjani Sinha, till December 11.

Meanwhile, Maneesh Chandra Pandey, an ex-NSEL employee has filed an anticipatory bail application in the Bombay High Court which the court has postponed hearing by two weeks.

The bail pleas of Arun Kumar Sharma, Director of Lotus Refineries, another NSEL defaulter, and Jai Bahukhandi, an ex-NSEL official alleged for kickbacks, are scheduled for hearing in the Sessions Court on November 28 and 29 respectively.

The Bombay High Court has adjourned all cases linked to the scam hit NSEL until December 5 resulting into longer wait for investors seeking the court direction.

While the settlement case between NSEL and its second largest investor Mohan India seeking supervisory direction from the court is scheduled for hearing on December 6, e series investors awaiting financial settlement or delivery of the underlying commodities also faces extended gestation period.

Economic Offenses Wing of the Mumbai police still continues to look into the books of the defaulters.

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First Published: Thu, November 28 2013. 00:11 IST
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