Latest news with #NationalSpotExchange
Time of India
21-05-2025
- Business
- Time of India
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. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
21-05-2025
- Business
- Time of India
NSEL Crisis: 92% of traders approve one-time settlement scheme
Mumbai: National Spot Exchange (NSEL) on Tuesday said roughly 92% of traders, whose money has been stuck in the payment crisis since July 2013, have voted in favour of the one-time settlement scheme. As per the scheme of settlement, approved by the National Company Law Tribunal (NCLT), an amount of ₹1,950 crore would be paid to 5,682 traders in proportion to their outstanding as on July 31, 2024, said NSEL in a release on Tuesday. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Kulkas yang belum Terjual dengan Harga Termurah (Lihat harga) Cari Sekarang Undo "This settlement would mean closure of legal cases against the group along with assignment of all rights of traders in favour of 63 moons," it said. The NSEL payment crisis began in July 2013 when the exchange defaulted on 5,600 crore owed to around 13,000 investors. It had offered contracts that involved buying and selling commodities with fixed returns, but most trades were not backed by the actual commodity.
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Business Standard
20-05-2025
- Business
- Business Standard
Over 92% NSEL traders approve Rs 1,950 crore one-time settlement plan
Over 92 per cent of traders of the National Spot Exchange (NSEL) have approved the one-time settlement amounting to Rs 1,950 crore, the company stated on Tuesday. The company, backed by parent 63 moons technologies, had filed a scheme for settlement in the National Company Law Tribunal (NCLT), Mumbai, for a one-time amicable full and final settlement with 5,682 traders. The matter pertains to the payments crisis in NSEL in 2013, due to which traders' money was stuck for a long period. The settlement was originally proposed by the NSEL Investors Forum. The report by the scrutiniser on e-voting results showed that 92.81 per cent of traders in number and 91.35 per cent in value had voted in favour of the resolution, giving their assent to the settlement. NSEL had earlier in August 2013 paid around Rs 179 crore to over 7,000 traders whose outstanding was less than Rs 10 lakh. The remaining 5,683 traders with claims over Rs 10 lakh will get around 49 to 64 per cent of the amount back, stated NSEL.
