SWASTIK OVERSEAS CORPORATION

AGENDA

INTRODUCTION MANAGEMENT PRODUCTS ASSETS CRISIS CONCLUSION

INTRODUCTION

Swastik Overseas Corporation Ltd situated in Ashram road, Ahmedabad, Gujarat.

Swastik Overseas Corporation is a supplier, exporter and trader in Incense Sticks , Industrial Chemicals, Food products.

Company has relation with some of the manufacturers and suppliers of Industrial Chemicals spread across Gujarat.

NSEL DEFAULTERS

As per media reports Rajiv Todi has been absconding .  As per media reports (EOW) had arrested Rajesh Mehta, an

accused in the Rs 5,600-crore National Spot Exchange Limited (NSEL) Crisis.

Falguni MehtaProprietor

Rajesh Mehta Rajiv Todi Partner

PRODUCT BRIEF

Incense Sticks

Trading Industrial Chemicals

Food Products

(Edible fat, Edible oil)

NSEL DEFAULTERS

Things have taken a dramatic turn for Swastik Overseas Corporation, which operates out of a small establishment in a sparsely inhabited commercial complex off Ashram Road.

The little-known commodities trading firm became a talking point after the Income Tax Department raided its office on 22 August 2013.

Swastik Overseas Corporation total dues pending for NSEL stood at Rs. 113.33 CR.

93.14 CR Outstanding default amount yet to be paid by Swastik Overseas Corporation to NSEL.

.

BOMBAY HC ORDERS AGAINST NSEL DEFAULTER Swastik Overseas has admitted to Rs 101.20 crore and

repaid Rs 10.01 crore.

Bombay HC also ordered that NSEL shall be entitled to recover the balance amounts plus interests through legal proceedings pending before the same Court.

Bombay HC has also given liberty to NSEL to file the

decree before the HC Committee which will enable NSEL to take all steps for execution of this decree and speedy recovery of monies from the Defaulters.

Contd.

Bombay HC, on December 18, 2014 has issued a decree on admission against Gujarat-based Swastik Overseas Corporation.

Swastik has also been directed to disclose the details of their properties and the injunction on their dealing with assets and properties continues.

The EOW has attached its three shops admeasuring 1,704 square feet, three flats admeasuring 520 square yard, one commercial office admeasuring 610 square feet, and three land parcels admeasuring 35.66 hectare in Gujarat

ASSESTS

CONCLUSION

Swastik Overseas Corporation is one of the notable NSEL Defaulters.

The outstanding defaulted amount is 93.14 Cr yet to be paid by Swastik Overseas Corporation.

Bombay HC has given liberty to NSEL to file decree against NSEL Defaulters.

Bombay HC also ordered that NSEL shall be entitled to recover the balance amounts plus interests.

Thank you