BackNSEL defaults on payout for the tenth time
With Tuesday's payout, NSEL settled about `180 crore against `5,600 crore dues to 13,000 investors
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New Delhi: Crisis-hit bourse National Spot Exchange Ltd (NSEL) defaulted for the tenth straight time on Tuesday as it could pay only ₹ 30 lakh to investors against a scheduled amount of ₹ 174.72 crore.
On its seventh payout date, the bourse was unable to make any payment as its accounts were frozen by economic offences wing (EoW) of the Mumbai police.
With Tuesday’s payout, NSEL settled about ₹ 180 crore against ₹ 5,600 crore dues to 13,000 investors.
“The total amount being disbursed today in a proportionate manner is ₹ 30 lakh," an NSEL spokesperson said.
According NSEL data, MSR Food Processing made a payment of ₹ 5 lakh and Metkore Alloys and Industries made a payment of ₹ 25 lakh to the exchange. NSEL had availed a bridge loan of ₹ 177.23 crore from its promoter Financial Technologies (India) Ltd (FTIL) to make payments on priority basis to small investors. NSEL, promoted by Jignesh Shah-led FTIL, is facing the problem of settling ₹ 5,600 crore dues to 148 members after it suspended trade on 31 July on the government direction.
The bourse plans to settle all dues in 30 weeks time, by paying ₹ 174.72 crore for the first twenty weeks followed by ₹ 86.02 crore in the next ten weeks.
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