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Bombay HC orders payout to NSEL small claimants of Rs 2-10L on priority basis
By IANS |
Published on
Mon, Mar 8 2021 20:33 IST |
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Bombay High Court.. Image Source: IANS News
Mumbai, March 8 : The Bombay High Court has ruled that the competent authority (CA) in the National Spot Exchange Limited (NSEL) payment default case must distribute the amount lying in its escrow account to genuine claimants whose outstanding s between Rs 2 lakh and Rs 10 lakh on a priority basis.
Hearing the appeal of a Pune-based NSEL claimant, Rabibai Mohamad Ismail, a two-judge bench of Justice S.S. Shinde and Justice Manish Pitale ordered that the amount lying in the CA s escrow account be distributed among NSEL claimants with outstanding between Rs 2 lakh and Rs 10 lakh, so that the small claimants are paid off all their dues.
NSEL says investor Ketan Shah objecting payout to small investors
March 08, 2021
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The NSEL Investors Action Group (NIAG) led by investor Ketan Shah has opposed payout to the small investors of the now defunct National Spot Exchange (NSEL), a release from the exchange said.
The Bombay High Court had ordered the NSEL to immediately release payments due between ₹2 lakh to ₹10 lakh to retail investors of NSEL. However, since Shah objected the court has allowed him to appeal in the Supreme Court.
“Exchange bye-laws permit such mutual distribution from clearing house to small traders while NIAG or any other investor forum did not put any effort or file cases, only NSEL and 63 moons efforts have resulted in the recovery. As per the information available in social media, the personal income of Ketan Shah has increased from ₹16 lakh to ₹16 crore after he started representing so-called investors association and started trading the pain of traders,” NSEL said in its release.
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