The beleaguered National Spot Exchange Ltd (NSEL), promoted by Financial Technologies, has paid Rs 29.05 crore to investors today, but defaulting again in the eleventh settlement cycle.
The exchange, which stopped trading abruptly on August 1, promised to settle trade worth Rs 175 crore every week. It has an outstanding settlement of Rs 5,574.
Topsworth Steel and Power is the only company which paid the entire amount used for this week’s settlement. The exchange has listed 23 companies as defaulters.
Indian Bullion Market Association will receive Rs 4.70 crore, the largest chunk of the whole settlement this week. It will be followed by Anand Rathi Commodities (Rs 3.36 crore) and India Infoline Commodities (Rs 1.60 crore).
Systematix Commodities and Motilal Oswal Commodities will get Rs 1.38 crore. Public sector major MMTC will receive Rs 1.17 crore.
The Economic Offences Wing of Mumbai Police arrested top officials of the exchange including Anjani Sinha, Jai Bahukhandi and Amit Mukherjee.
EOW also nabbed Nilesh Patel, Managing Director, NK Proteins, which owes Rs 930 crore to the investors of NSEL. The promoter of the exchange Jignesh Shah is also being grilled by EOW.
suresh.iyengar@thehindu.co.in