Four companies - Modern India, Shree Rani Sati Investment Finance, Modern Derivatives & Commodities and F Pudumjee Investments - have filed a representative suit in the Bombay High Court against the National Spot Exchange (NSEL), Financial Technologies and 36 others for the recovery of money in the Rs 5,600-crore scam. The petitioners appealed to the court to appoint the Commissioner for Taking Accounts to ascertain the loss incurred by them as well as other investors in NSEL. The petitioners want their money to be distributed to them by the Commissioner for Taking Accounts after ascertaining the loss. The high court has convened the hearing on January 15.
The petitioners claimed the loss of Rs 5,600 crore arose as a result of fraud and deceit. They have sought the attachment and injunction orders against the principal defendants including for deposit of amounts claimed as security from sale and disposal of properties. Besides, the petitioners prayed for tracing the amounts stated to have been siphoned out of the companies.
The petitioners also appealed to the court to direct Financial Technologies, NSEL, La Fin Financial, Financial Technologies India promoter Jignesh Shah, NSEL's former CEO Anjani Sinha and 21 others to make full disclosure of all their assets including assets which have been converted or dealt within manner by them from April last year.
The petitioners also prayed that the court should restrain these defendants, their successors, representatives, and agents from directly or indirectly assigning, selling, mortgaging, encumbering, alienating and /or creating any third-party rights, title or interest in respect of their movable and immovable properties.