REASONS WHY NSEL IS FIGHTING AGAINST BIAS AND INJUSTICE
 
Details of Decrees obtained by NSEL against defaulters by BHC
Sr. No Name of Defaulter Amount (in Cr.) Order Date
1 ARK IMPORTS PVT LTD 719.37 20/07/2015
2 JUGGERNAUT PROJECTS LTD. 145.00 23/12/2014
3 AASTHA MINMET INDIA PVT LTD. 12.50 23/12/2014
4 YATHURI ASSOCIATES 264.96 18/12/2014
5 SWASTIK OVERSEAS CORPORATION 91.19 18/12/2014
  TOTAL: Rs. 1233.02  
Details of Decrees obtained after determination of liability by HCC
Sr. No Name of Defaulter Amount (in Cr.) Order Date
1 METKORE ALLOYS & INDUSRIES LTD 83.46 17/04/2024
2 VIMLADEVI AGROTECH LIMITED 13.72 12/04/2024
3 LOIL CONTINENTAL FOOD LTD 320.02 20/12/2023
4 LOIL HEALTH FOODS LTD 265.87 20/12/2023
5 LOIL OVERSEAS FOODS LTD 77.24 20/12/2023
6 SHREE RADHEY TRADING CO 32.77 04/10/2021
7 AASTHA MINMET INDIA PVT LTD 75.57 03/09/2019
8 P.D. AGRO PROCESSOR PVT. LTD. 633.67 16/08/2018
9 YATHURI ASSOCIATES 134.43 30/07/2018
10 MSR FOOD PROCESSING 8.82 30/07/2018
11 WHITE WATER FOODS PVT LTD 84.82 23/07/2018
12 NAMDHARI FOOD INT. PVT LTD 51.02 27/02/2017
13 NAMDHARI RICE & GENERAL MILLS 10.39 27/02/2017
  Total 1,791.80  
 
Details of Arbitration / Conciliation award obtained by NSEL against defaulters
Sr. No Name of Defaulter Amount (in Cr.) Order Date
1 MOHAN INDIA PVT LTD 922.00 01/11/2018
2 LOTUS REFINERIES PVT LTD 252.47 21/09/2018
3 NCS SUGARS LIMITED 58.85 26/03/2018
4 SPIN COT TEXTILES PVT LTD 36.63 26/03/2018
  TOTAL: Rs. 1269.95  
 
 
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Bloomberg TV – October 21, 2015 : Panel Discussion featuring Mr. Prakash Chaturvedi, Chief Executive Officer, NSEL
Zee Business – October 21, 2015 : Panel Discussion featuring Mr. Prakash Chaturvedi, Chief Executive Officer, NSEL
Zee Business – July 29, 2015 : Exclusive Interview of Mr. Prakash Chaturvedi, Chief Executive Officer, NSEL
ET Now - Hot Commodities – July 22, 2015 : Exclusive Interview of Mr. Prakash Chaturvedi, Chief Executive Officer, NSEL
CNBC-TV18 - India Business Hour - July 6, 2015 : NSEL questions FMC 'silence' on brokers
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Legal and Recovery Efforts
Hon'ble Bombay HC in its order dated December 01, 2014 has passed injunction order against Mohan India & Ors, inter-alia, from disposing of their properties & assets and directed them to disclose details of their assets and properties, in the suit filed for recovery of their outstanding dues. This has been achieved due to the relentless efforts of NSEL Recovery Team.
NSEL had earlier obtained injunction against PD Agro Group defendants, including their clients and such injunction is continuing. The Group has a total outstanding of 674.07 crore as on December 02, 2014.
EOW has reportedly secured assets of 22 Defaulters worth around Rs. 5,000 crore, which needs to be liquidated & paid to trading clients. Defaulting members have admitted to liabilities of approximately Rs. 2,000 crore through settlement agreements or otherwise before the Bombay High Court, and Authorities & concerned Departments / forums and/or the EOW.
ED has attached multiple assets of Defaulting Members worth over Rs. 1000 crore under PMLA. This act is expected be amended so that the proceeds of liquidation are paid directly to the trading clients instead of going to the Public Exchequer.
NSEL has filed various cases against the Defaulting Members before different forums, Civil as well as Criminal. These proceedings are pending at different stages and NSEL is taking appropriate steps for quick redressal.
NSEL filed Third Party notices against 15 Defaulting Members and their clients in a Representative Suit filed by Modern India. In the said suit the Hon’ble Bombay High Court constituted a three-member High Court monitored Committee under the chairmanship of a retired High Court Judge, inter-alia, for calling the information and documents for the purpose of determining the extent of liability and arrive at proposals of settlement in conjunction with the parties before the Court for collection and custody of the funds and assets involved. Till date the High Court Committee (HCC) has conducted 29 meetings. The Hon'ble Committee has also passed several directions to the defaulters for rendition of accounts, disclosures of their assets, including the personal assets of its key managerial personnel. Some of the defaulters have challenged the constitution of the Committee before the Hon’ble Bombay High Court and the proceedings regarding the same are pending.
NSEL has recovered and paid Rs. 542.99 crore to trading clients, which includes a without-prejudice loan worth Rs. 179 crore obtained from FTIL to clear up to 50% settlement liability of 7,000 trading clients.
33,000 clients of e-Series have redeemed up to 99% of their holdings through a transparent mechanism. NSEL has completed financial closure of e-Gold, e-Silver and e-Copper with total payments of Rs. 297.44 crore. Financial closure for Platinum, Lead and Nickel are expected soon.
 
 
Message from Chairman
 
Dear Readers,

I welcome the members of the Advisory Board, the Volunteers and all stake holders in the NSEL recovery proceeds. Thank you for joining the NSEL Recovery Group (NRG). The management at NSEL, all of them - unexceptionably, empathize with the pain of those who are yet to receive their money from the unscrupulous Defaulting Members of the Exchange and the Clients of such Members. I write this with all humbleness and humility realizing the responsibility NRG agenda enjoins upon us.

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Important Updates
 
Recovery News
In a major boost, NSEL wins decree against ARK Import
SEBI's power to disgorge, a major boon in NSEL case
Focus on Defaulters, Not Skewering FTIL
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