HIGH COURT COMMITTEE ORDER DIRECTED AGAINST NSEL

DEFAULTERS

AGENDA

NATIONAL SPOT EXCHANGE CRISIS

White Water -NSEL DEFAULTER

Yathuri Associates: NSEL DEFAULTER

Conclusion

NATIONAL SPOT EXCHANGE

The National Spot Exchange Ltd payment crisis came to light on July 31, 2013, when the exchange suspended trading in all its contracts.

NSEL proposed a payout plan on August 14, 2013, but the commodity spot exchange has not been able to make a single successful payout till date.

ED has seized assets worth Rs 5,600 crore of the 22 defaulters of the commodity spot exchange.

WHITE WATER -NSEL DEFAULTERS

White Water has filed appeal before the Hon’ble High Court and appeal is yet to be listed before the appropriate Bench.

Committee directed White water to comply with the directions of HCC dated 22/11/2014 without prejudice to their rights of appeal challenging the jurisdiction of HCC.

M/s. White Water Pvt Ltd., M/s Bharat Foods and Agro Products, M/s. Tradebiz Commodities, and M/s. V.I.R Foods Ltd are directed to comply with the directions issued by the committee from time to time.

YATHURI ASSOCIATES

Mr. Gagan Suri appeared before committee on 28th Jan 2015 but has not complied with his bail conditions in terms of an order date 10/11/2014 passed by MPID court.

Committee has recommended to Hon’ble High court to direct EOW to move for the cancelation of his Bail.

Advocate of Sanjeev Bhasin sort time for filing affidavit regarding alleged payment of 89 crores by Mr. Gagan Suri.

Contud

Gangan Suri made an application bearing number 31 of 2015 requesting to drop the proceedings against him on the ground that decree has been passed.

Passing of the decree is not end of the matter. Affidavit in support of money given to Mr. Sanjeev Basin is not yet filed hence HCC rejected the application.

Application No 31 stands rejected as committee has to take steps to realize the decree by attaching and disposing of the properties.

CONCLUSION

White Water Pvt Ltd and Yathuri Associates High Court committee are against NSEL Defaulters. EOW have to take same serious action against NSEL defaulters and recover the dupe money.

For rapid recovering of the defaulted amount from the NSEL defaulters, the dawdling proceeding’s by Investigating Agencies has to be quicker not only it will help in liquidation of assets but also give momentum in unraveling the investigation proceedings faster.