Latest news with #63moons
Economic Times
20-05-2025
- Business
- Economic Times
NSEL says receives overwhelming response on one-time settlement scheme
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel National Spot Exchange (NSEL) on Tuesday said it has received more than 90 per cent favourable response from traders for the Rs 1,950-crore one-time settlement scheme. This settlement would bring major relief for the traders whose money was stuck in the NSEL payment crisis , which happened in July a statement, NSEL said a whopping 92.81 per cent of traders in number and 91.35 per cent in value voted in favour of the resolution thereby giving their assent to the scheme of settlement that concluded on May per the scheme of settlement, an amount of Rs 1,950 crore will be paid to 5,682 traders in proportion to their outstanding as on July 31, 2024."This settlement would mean closure of legal cases against the group along with assignment of all rights of traders in favour of 63 moons," NSEL said in a move came after National Company Law Tribunal (NCLT), Mumbai, in April had ordered e-voting of the traders on the proposed resolution for approving the scheme of with the support of its parent company 63 moons technologies had filed a Scheme of Settlement before the NCLT for a one-time amicable full and final settlement with 5,682 settlement was originally proposed by the NSEL Investors Forum (NIF), an association representing a large number of Sharma, MD and CEO of NSEL, applauded the work by NSEL Investors Forum who took up the cause for the traders and initiated discussion for a possible one-time settlement for the benefit of the in August 2013 also, NSEL, with the support of 63 moons, had paid around Rs 179 crore, thereby giving reliefs to 7,053 smaller traders without standing of less than Rs 10 lakh.S Rajendran, MD & CEO of 63 moons, stated that this will be the first-of-its-kind settlement and with support from the central and the state government and 63 moons is confident that the settlement will go through.
Time of India
20-05-2025
- Business
- Time of India
NSEL says receives overwhelming response on one-time settlement scheme
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel National Spot Exchange (NSEL) on Tuesday said it has received more than 90 per cent favourable response from traders for the Rs 1,950-crore one-time settlement scheme. This settlement would bring major relief for the traders whose money was stuck in the NSEL payment crisis , which happened in July a statement, NSEL said a whopping 92.81 per cent of traders in number and 91.35 per cent in value voted in favour of the resolution thereby giving their assent to the scheme of settlement that concluded on May per the scheme of settlement, an amount of Rs 1,950 crore will be paid to 5,682 traders in proportion to their outstanding as on July 31, 2024."This settlement would mean closure of legal cases against the group along with assignment of all rights of traders in favour of 63 moons," NSEL said in a move came after National Company Law Tribunal (NCLT), Mumbai, in April had ordered e-voting of the traders on the proposed resolution for approving the scheme of with the support of its parent company 63 moons technologies had filed a Scheme of Settlement before the NCLT for a one-time amicable full and final settlement with 5,682 settlement was originally proposed by the NSEL Investors Forum (NIF), an association representing a large number of Sharma, MD and CEO of NSEL, applauded the work by NSEL Investors Forum who took up the cause for the traders and initiated discussion for a possible one-time settlement for the benefit of the in August 2013 also, NSEL, with the support of 63 moons, had paid around Rs 179 crore, thereby giving reliefs to 7,053 smaller traders without standing of less than Rs 10 lakh.S Rajendran, MD & CEO of 63 moons, stated that this will be the first-of-its-kind settlement and with support from the central and the state government and 63 moons is confident that the settlement will go through.
