SAT orders BSE to pay Rs 2 cr to Emmel
ENS Economic Bureau: Mumbai, Jun 29 2011, 01:20 IST
The Securities Appellate Tribunal (SAT) on Tuesday directed the Bombay Stock Exchange (BSE) to pay Rs 2.21 crore, along with 10 per cent interest, to Emmel Financial Services as the money has been lying with the bourse since 2002.
SAT directed BSE to pay from the fund of Nikko Stock Brokers, lying with the exchange after it invoked the bank guarantee of the broker.
The order has to be implemented within two weeks in case the BSE does not decide to move the Supreme Court against it.
Emmel Financial Services moved the BSE in 2001 claiming that Rs 3.14 crore was due to it from Nikko Stock Brokers. BSE’s Arbitration Tribunal held that the broker was liable to pay to Emmel Rs 2.6 crore.
The BSE did not pay Emmel within 90 days of the arbitration award, as other claims were made. Nikko was declared defaulter subsequently.
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