NSEL defaults ninth time, pays Rs 28cr against Rs 174.72 cr

Written by Press Trust of India | New Delhi | Updated: Oct 16 2013, 04:04am hrs
Crisis-hit bourse NSEL defaulted for the ninth straight time today as it could pay only Rs 28.34 crore to investors against a scheduled amount of Rs 174.72 crore.

National Spot Exchange Ltd (NSEL), which is engulfed in a Rs 5,600-crore payment crisis, had previously defaulted eight times. On its seventh pay-out date, the bourse was unable to make any payment as its accounts were frozen by economic offences wing (EoW) of the Mumbai police.

With today's pay-out, NSEL settled about Rs 180 crore against Rs 5,600 crore dues to 13,000 investors.

"The total amount being disbursed today in a proportionate manner is Rs 28.34 crore," an NSEL spokesperson said.

According NSEL data, Topworth Steel made a payment of Rs 15 crore to the exchange.

NSEL had availed a bridge loan of Rs 177.23 crore from its promoter Financial Technologies (FTIL) to make payments on priority basis to small investors.

NSEL, promoted by Jignesh Shah-led FTIL, is facing the problem of settling Rs 5,600 crore dues to 148 members after it suspended trade on July 31 on the government direction.

The bourse plans to settle the entire dues in 30 weeks time.