15th Meeting Minutes 28-02-2014

8/12/2019 15th Meeting Minutes 28-02-2014

1/12

Dear Sir,

Kindly find enclosed copy of agenda and original copy of the minutes of Fifteenth Auction cum

Monitoring Committee of the National Spot Exchange Limited held on'Friday,28h February

2014 at9: 30 AM at theregistered office of the company'

For Association of National Exchanges Members of India-t

ANPl-/{'Abhijeet IngleAsst. Secretary - ANMI WIRC

@Mssociation of National Exchanges Members of India

March 07,2014

The Chairman,Forward Market Commission,Everest Building,3d Floor,100, Marine DriveMumbai 400002

Subject Minutes of Auction cum Monitoring Committee

ThankingYou,

Yours Faithftrlly

NATIONAL SECRETARIATtnl rvrr-- vr

304-A\v6enachamber,opp.BSE,2l,Dararskeet,.o****,-o*'ooi.ir*,*griiiiezoi-aazsr6ffi604{'r'rt**g1(ot46r'3oYR9'E "ilt"n*i't@"n,t D aulm

rffiIH$n[flmffi]8tr]llt cumElslBnffimffiGilSl&G{nnEn ffi D1 *PIB) Xryry-Iryfffi,6ol'n$Ltffi cmPn

613 NeYv Delhi Hdrse.27 Bara Khamba Road,l,lewDelhi 110O01.Telelax 011-2371 51 31, 32ErnsiL sntrSnf@boLnetLl

Mar$n Bum Building'Mzzaine Flooi, Rmm l'lo' 4

Telefax:03S224 )8214Ema* E{Brli{}it@\r$l-net

illrs. }laYi8 lialtets UmttedGanga Gtitta,4St aadsSt {o9r,

ullEillai - w ur-Tet ilo.: 04+391894481449Email: lrozefu@nav*amatkeb.sn

Website : wwu/-anml.ln

C/o- Saleta Consuttants Ltd.

346iti. [rd F|oor, PtragaonTailo LarE,*ravanas,og*T*ffiffi#i82

Mobile: O9&48t 23565Email: {rao-saakeb@r+difrnail'com

iffi:ffi;;;HnJ.xorit,zoooot' 13'9:o.9, Nungambald


2/12

$I F

Minutesofrthg.lifteenth Meetine of the Monitorine and Auction Committee offitational.gnqt EiChanse [imitd held-on Fridav Febru?rv 28. 2014 at 9:30 a.m.at the registered office of the Companv

Thefollowing

pers6ns representingthe

committeeconstituted by

FMC vide

letter dated October 03, 2013 were present:

Name OrganizationShri. Tushar Tanna NIFShrisunil Sarda NIFShri. Hemant Majethia ANMI.The following officials represented from NSEL to provide the required inputssought by the committee:

Shri Saji Cherian NSELShri Pradeep Mishra NSELMs. Shubhra Singh NSELShri.Chetan Sabde NSELMs Sucheta Paniker NSELShri. Neeraj Sharma NSELCoordinator: Shri Uday Tardatkar.

1- Quorum;

ShriTushar Tanna , Chaired the meeting ascertained the quorum.

2. Leave ofAbsence

Leave of absence was granted to ShriAnand Rathi representing CPAI,

Shri. Siddharth Shah representing BBF and ShriAnand Ladsariya representingN F.


3/12

3 .Minutes of the Fourteenth Meetine

The Monitoring &Auction Committee approved the minutes of the Fourteenthmeeting. Commit-tee discussed pgnding matters and the revised table ofpending items with the status and target dates is enclosed. (Annexure A).

4. Mohan lndia Asset Sale: Discussion was held on Mohan.lndia matter andcommittee insisted to expedite the sale of land located at civil lines, New Delhiand Bikaner. The Cornrnittee was informed that Mohan lndia matter, will comeup for hearing in the MPID court on March 07,2014. The Committee suggestedthat*NSEL should take written consent from Mohan lndia that they would notobject in the matter and cooperate in the sale process. lt was further suggestedrthat Shri. Abad Ponda 6e consulted in the rnatter. NSEL also agreed to write to

EOW to for their support in the matter and file report in MplD Court forpossible action against Mohan lndia. Committee also suggested to expedite thesale process in consultation with Shri Pranay Vakil. lt was also suggested by thecommittee to place advertisement in the newspaper for sale sf property anddisplay on the website of NSEL. Ms Sucheta Panicker agreed to update thecommittee on this matter.

5. Metcore Asset Sale : Committee was informed that Metcore has not yetconsented for sale of stock and their stand is not dependable. Committeesuggested NSEL to obtain comprehensive vatuation report by 06 g3 ZOt4 fromSGS which will be acceptable to all the prospective buyers in the market,besides it was suggested to obtain quotes from two/three prospective buyersfrom the market. Further, the valuation report is to be ptaced on the website ofNSELon 07 032014.

6. Funds lying in Bank Accounts of defaulters: Cornmittee suggested to involveShri Ponda to coordinate with EOW and fite application in MplD Court fordefreezing the bank accounts and distribute the funds to the investors throughESCROW account .lt was detiberated that as per the pCM agreement thesefunds can be appropriated to meet the liability of the defaulting members andtheir consent may not be required for the same.


4/12

7. Dues from NAFED: lt was informed that Agriculture Ministry has released thefunds to NAFED .The Committee was further informed that Rs. 20 Ciores wasexpected on 28th Feb 2OL4 and the balance amount to be received is expectedbyend of March 201,4. The Committee suggested that NSELtake help of Delhibased members/investors like Mr. Kunal or Mr. Raja to put pressure for releaseof funds from NAFED.

8. Release of Funds from lT of Mohan tndia: NSEL informed that draft affidavitcontaining under:taking and NOC from Mohan lndia, World Win, Ram AvadhSharma, Jai Sahankar Srivastav and Jagmohan Garg is sent to Mohan lndia andthe same is expected by 04 03 2OL4. ,g.Process of selting assets worth Rs 4500 Crores attached by EOW: Committee

suggested to engage Shri Ponda to initiate process of disposing the assetsthrough MPID Court and to have joint meeting with Shri Ponda

10. ARK - Shri.Kailash Agarwal: The committee su[gested to do due diligenceof the property offered by ARK. t atso suggested to draft an agreementcontaining different options of selling their assets (Takeover/POA/Direct sell)and obtain consent from all the directors in the company in whose favor theproperty is currently registered. Committee was informed that some of the

property was purchased in August20L3.Since

theproperty

waspurchased in

August 20L3, the committee suggested to take advantage of the period of lessthan one year in disposal and save stamp duty. lt was suggested by thecommittee to seek advice from Shri Ponda to draft this agreement .

11. Action with respect to PDCs: Presentation was made by Ms SuchetaPanicker about the process of action under section 138 and the time lines .Sheagreed to provide party wise summary and cost estimate for filing cases underSection 138 before the next meeting. NSEL was also asked to clarify stahdabout the cheques lying in hand in consuttation with lawyers, M/s Naik andNaik.


5/12

12. The status of recovery from defaulters was placed before the Committee(Annexure B and Annexure C) and the Committee noted the sa'me.

13. Other matters:

a) t was decided to file a case against ASTHA for liquidating assets attached byEOW as a trial case in absence of signed agreement.

b) Advertisement by NSEL in vernacular language & National Daily :lt wasdecided to issue advertisements in local news papers in vernacularlanguages as well one in national daily, giving photographs of defaulters andwhere possible, the Iist of assets attached after consulting EOW .This will be,completed in the next week.

c) Swastik Notice: lt was agreed by NSEL to issue public notice for sale of assetsof Swastik inviting objections. This will also be vetted by Shri. Ponda.

d) Committee was informed that ED has attached the property owned by MsBrizo (Astha) and the rental proceeds are being attached by the ED as well,NSEL agreed to share Xerox copy of the said attachment in the nexi week.

e) Meeting of Committee Members with EOW lO: NSEL fixed up d meeting ofMembers of the Committee on 01 03 2O 4 to discuss various matterspertaining to recovery;

f) The terms of reference of Mr Pranay Vakil will be finalized after having-ameeting with one of the Directors of NSEL in next week.

Vote of thanks: As there was no other business the meeting ended with a voteof thanks to the Chair.

Place: Mumbai

fril'utuDate: o7.03.Lo,zr Chairman


6/12

\

A (,j N)(nnzo

6.H .:| I$qs r:og o*it8*

=r-o =a8 =.,3

or 9ct r3.Q 3 E9ia- 6r'd> ds3 5ge qJO:'E = OJJI(D= 'TlcL=' s9.6' c) ro oEaO+4)o-(,-Zoa =6F F4o cL6g

=s4 I6= ==r= 6lfrg El3rr :lr flE.I FlEE AIo = 3lE ci =l=

=.1=(D EIo. cL irt I5"n oJtEl o ol8i 2l={D Al

"e.g Flq,+ BIg slE1 FIEil 1[

efl-El

5 + f\tl=o 6l{E .lri I-.+ I== Iro I50, Io= |6'o. IF+ IqB' Iroo' I.Ee

Iol-ll, II

lE=ft

3l[ e.a IE# *s+fiar=9ds'BdE I Eot'6 8 +EEoa+-r lD'-o(I,4ctd +H.9' s;a

tffiso rxo)--o tE{;H6AEE(,Ed9.9il8a'3 9ot-

qel(, Ot-l

* $ilaElgI$g-r fiifrIisEE$$*Eg$Hr5ea*Eiligi

Eiiiiigr$FEi$r

et*fle*rg$Egggil+*ild3q;38{Ffr3Ha";E$8il3

$E + Fggg;

B.r$FgE E g

ilBaariIe= o-993 io + ac -6'

8ff=qf 5 o'=6+$E.=o_9=q,.g q +i'6'

tr$iaE'fr9$--{(Drtr3f,eqa


7/12

o FN Hts to 00

{

CN

IsBJlA BiItr D :lr -1 ;ilo 5 :l= 6 ?13 ssllsrIFH q

l$qs-?


8/12

6 { o) t, s (1, t9 P \,7

zo

:,foxE-(D

o)*OJ

oaoT'

'orED(,tlc(Do=3oE6';'9

lcr E E ul(D c rD O

l;'EHElPqisl= o ('l olf a'E ElE o o cla = [ EloJ 5 f. xli H:ll- + lD oloil'^olluf,+-l**;st := eI * +eI E.o;;.I 59sI :o

FElJ+=I

=ilgI EB=

I aooJEEE-(D-=a qoe as-=s;q=s *a'8p5uld

gaa+-.

# H elo5q< 4 6l

lEI, cru

lif; s Hl$[tEl=3E#EF-q

l$;eil+a=sl'Pr3'6o=Io-.hI =3H Bi='I =(D -I a 0EI il +Elx$al=raDI f rll+6-I ItE

nis*=oEEia(D 3d 3EP6dlq==o>=3q;=hclDl3 .( LnlI q 8lr + ql5.D=lB E BI

lC) @ O n

I:EIEJ J Alo c) lD trlg9 9ii,II1.J-JlEEbsHd.TeI9 o" e. clo--f

IHIEHI$rEeI;.; E gl* or o- -'l3E5=3-sr-IFOO(Dle E i

=a;EElz=3cE39aoho)---

=,do

= :sE.c;='r fD

63.H4sq6-< PuPdfEoq*it q3;39a .gi6g6'9o3EE- 9,5

6a

OQ


9/12

f

oc@r)

xr=irzI

=oo{{x

{fm --{qo

--{mvTooo

{q0

m

-PC

=C-{vm

--iC

htzmvfi -lqI

{C2

oo.Jm

o6)o 7oomo7 -{qo

zxDo{trzqo

tzlola

?o oo4,FEo@

gooD3

oooo

6':

tdlsIHldIBIEl*l

15th Meeting Minutes 28-02-2014

Documents

Transcript of 15th Meeting Minutes 28-02-2014