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Hans India
20-05-2025
- Business
- Hans India
Over 90 pc traders welcome Rs 1,950 crore one-time settlement in NSEL crisis
Mumbai: In a major development that could finally bring relief to thousands of affected traders, the National Spot Exchange Limited (NSEL) on Tuesday announced that over 90 per cent of traders have voted in favour of a Rs 1,950-crore one-time settlement scheme. The scheme aims to resolve the long-pending NSEL payment crisis, which dates back to July 2013. According to the NSEL, a total of 92.81 per cent of traders in number and 91.35 per cent in value supported the resolution, which was concluded via e-voting on May 17. "As per the scheme of settlement, an amount of Rs 1,950 crore shall be paid to 5,682 traders in proportion to their outstanding as on 31 July 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," the NSEL said. The voting was ordered by the National Company Law Tribunal (NCLT), Mumbai, in April and supervised by Ashwini Gupta, appointed as the Scrutiniser, and Mukesh Mital, a retired IRS officer, who served as Chairperson. The company, backed by its parent, 63 moons technologies limited, had filed the Scheme of Settlement before the NCLT for a full and final settlement with 5,682 traders. As per the scheme, Rs 1,950 crore will be distributed in proportion to each trader's outstanding amount as on July 31, 2024. The NSEL said the settlement would lead to the closure of legal cases against the group and the assignment of all rights of traders in favour of 63 moons. The plan was originally proposed by the NSEL Investors Forum (NIF), a body representing a large number of affected traders. NSEL MD and CEO, Neeraj Sharma, praised the NIF's efforts in initiating the talks that led to this landmark proposal. He said this move marks a significant step towards justice for traders whose funds were stuck for over a decade. NIF Chairman, Dr Sharad Kumar Saraf, expressed satisfaction with the e-voting results, calling the 92.81 per cent approval a clear indication that most traders are eager to recover at least part of their investments. He described the development as a key milestone in the distribution of money to specified creditors. 63 moons MD and CEO, S. Rajendran, said the settlement would be the first of its kind and expressed confidence that with the support of the central and state governments if the proposal would be successfully implemented.
The Hindu
20-05-2025
- Business
- The Hindu
NSEL traders vote in favour of one-time settlement
More than 91.35% of the traders of the scam-tainted National Spot Exchange Ltd. (NSEL) in value and 92.81% in number have voted in favour of one-time settlement (OTS), according to a statement by NSEL. The e-voting concluded on May 17. 'The report on results of e-voting submitted by the scrutiniser and approved by the chairperson on May 19 states that a whopping 92.81% of traders in number and 91.35% in value voted in favour of the resolution thereby giving their assent to the scheme of settlement,' NSEL said. As per the scheme of settlement, an amount of Rs.1,950 crore would be paid to 5,682 traders in proportion to their outstanding as on July 31, 2024. NSEL with the support of its parent company 63 moons technologies ltd had filed a scheme of settlement before the National Company Law Tribunal (NCLT), Mumbai, for a one-time amicable full and final settlement with 5,682 traders. The OTS was originally proposed by the NSEL Investors Forum (NIF), an association representing large number of traders. '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. The NCLT, vide its order dated April 8, 2025, ordered e-voting of the traders on the proposed resolution for approving the scheme of settlement. The NCLT had appointed Ashwini Gupta (Company Secretary) as Scrutinizer and Mukesh Mital (Retd. IRS) as Chairperson to oversee the e-voting. The voting commenced on 17 April, 2025 and concluded on 17 May, 2025. This settlement is expected to bring major relief for the traders whose monies were stuck in the NSEL payment crisis which happened in July 2013. Back in August 2013, NSEL had paid about Rs. 179 crore to 7,053 smaller traders with an outstanding of less than Rs 10 lakh each.
