NSEL Investors Forum took the support of Maharashtra CM for disposal of Rs 1,950-million rupees
New Delhi: NSEL Investors Forum (NIF) has written to Maharashtra Chief Minister Devendra Fadnavis, who demands his support for a proposed one -time disposal of Rs 1,950 crore between investors and National Spot Exchange Limited (NSEL). The purpose of this long -awaited settlement is to provide major relief to thousands of traders, whose funds have been stuck since the July 2013 NSEL payment crisis. In a letter addressed to the Chief Minister on June 19, the forum appealed to the state government to avoid any adverse action, which could obstruct the settlement process. It has been stated that “Any dear or negative response to the state/ competent authority/ EOV in NCLT can derail or delay in the process.” To facilitate a smooth resolution, the forum has requested the state government to nominate a senior legal specialist with expertise in the company’s law to represent and guide the state’s stand before NCLT. “We humblely urge the Chief Minister to issue the necessary instructions for relevant officials and departments to avoid any haste or negative steps that can derail or delay the proposed disposal.” The forum insisted that after about 12 years of chasing various recovery mechanisms, a consensus has been obtained between NSEL and its investors. The proposed settlement scheme has been formally presented under the Companies Act at the National Company Law Tribunal (NCLT), Mumbai, a major step towards the closure for the affected traders. As per the settlement scheme, a total of Rs 1,950 crore will be distributed among 5,682 traders in ratio of their outstanding dues by July 31, 2024. The NCLT has already accepted the company’s petition, in which the final hearing is scheduled for July 11. NSEL, supported by its original company 63 Mons Technologies, filed a plan to settle before NCLT to facilitate this once, cordial and full-final resolution for affected traders. The proposal itself originated from the NSEL Investors Forum (NIF), which represents an important part of the affected business community. This is not the first time NSEL and 63 Moon have attempted to offer relief. In August 2013, he spread about Rs 179 crore to assist 7,053 small traders, each of which had an outstanding amount of less than Rs 10 lakh. PTI
