Over 90% traders willing to settle: NSEL
MUMBAI: Nearly 13 years after the
National Spot Exchange
(
NSEL
) was forced to stop trading, putting thousands of
traders
in the commodities space in deep financial trouble, the bourse on Tuesday said over 90% of the large traders agreed to a
one-time settlement
(OTS) of their dues. Under the terms of the settlement that is being supervised by NCLT, NSEL, along with its parent
63 Moons Technologies
, will pay Rs 1,950 crore in total to nearly 5,700 traders as the final settlement amount, the exchange said in a release.
"This settlement would mean closure of legal cases against the group along with the assignment of all rights of traders in favour of 63 Moons," a release from the spot exchange said.
Last year, the NSEL Investors Forum, a body of the affected traders, proposed the OTS to NSEL and its promoters. In early April this year, NCLT ordered an online vote on the resolution for an OTS. The month-long online voting process ended on May 17, and the results by a court-appointed scrutiniser were declared on Monday.
It showed that nearly 93% of the affected traders in number and about 91.4% in value voted in favour of the resolution, thereby giving their consent to the scheme of settlement, the NSEL release said.
"This settlement would bring major relief for the traders whose funds were stuck in the NSEL payment crisis which happened in July 2013," it said. All those who were to get up to Rs 10 lakh due to the payment crisis have already been paid their full dues in the last few years.
Now, under the terms of the OTS, those who have dues aggregating more than Rs 10 lakh will get between 7.3% to 37% of their dues. This group of traders also received some funds in the last few years.
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