Ex-MP Kirit Somaiya files PIL, asks NSEL to pay Rs 8k cr

Written by fe Bureau | Mumbai | Updated: Aug 31 2013, 15:22pm hrs
Former MP Kirit Somaiya on Friday filed a public interest litigation (PIL) in the Bombay High Court, demanding that the National Spot Exchange (NSEL), along with its promoters and top officials, be made to pay Rs 8,000 crore to farmers and small investors.

The BJP politician also wants the court to direct the ministry of consumer affairs to declare the promoters and directors of NSEL as not fit and proper and that the spot exchange be barred from any further business activities till an order is passed by the court.

Somaiya, who recently went and checked some of the warehouses near Delhi, has pressed for an early hearing and the petition is expected to come up for admission on Monday. He has already written letters to the ministry of finance and consumer affairs to register criminal cases and investigate the money trail.

Somaiya has named NSEL brass, including Jignesh Shah and Shankarlal Guru, former chairman of NSEL as respondents. The Central Vigilance Commission, Central Board of Direct Tax, Economic Offence Wing (Mumbai Police), Mukesh P Shah (statutory auditors, NSEL) and government-owned MMTC and PEC have also been listed as respondents in his petition.