NSEL gets Rs 11.28 cr against Rs 174.72 cr payable tomorrow

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Reuters. Reuters.
SummaryThe beleaguered NSEL has already defaulted in the last five pay-outs.

Members of crisis-hit National Spot Exchange Ltd (NSEL) have paid just Rs 11.28 crore so far as against the scheduled payment of Rs 174.72 crore, raising the possibility of the sixth straight default tomorrow.

According to the NSEL data, 10 members out of 24 have paid in Rs 11.28 crore as on today to the bourse, against the the pay-out requirement of Rs 174.72 crore tomorrow.

The 10 members include Topworth Steels and Power Ltd (Rs 9.65 crore), Sankhya Investments (Rs 64 lakh), Metkore Alloys & Industries (Rs 50 lakh) and Aastha Minmet India Pvt Ltd (Rs 10 lakhs), among others.

The beleaguered NSEL has already defaulted in the last five pay-outs and has been able to settle just about Rs 137 crore out of Rs 5,600 crore outstanding to the 13,000 investors.

The exchange could gather only Rs 92.73 crore in the first pay-out (August 20), Rs 12.05 crore in the second pay-out (August 27), Rs 15.37 crore in third pay-out (September 3), Rs 7.77 crore in the fourth pay-out (September 10) and Rs 8.57 crore in the fifth pay-out (September 17), out of the scheduled Rs 174.72 crore each time.

The bourse, however, 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 by paying back investors Rs 174.72 crore every week in seven months time.

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