NSEL defaults in payments for 15th straight time

New Delhi: Crisis-ridden bourse NSEL today paid around Rs 9 crore against the scheduled payment amount of Rs 174.72 crore, defaulting for the 15th straight time.

With today’s pay-out, NSEL has so far settled about Rs 235 crore against Rs 5,600 crore dues to 13,000 investors.

National Spot Exchange Ltd (NSEL), which is engulfed in a Rs 5,600-crore payment crisis, had previously defaulted for 14 times. On its seventh pay-out date and thirteenth pay-out date, the bourse was unable to make any payment.[caption id=“attachment_1251705” align=“alignleft” width=“380”]  The NSEL logo. Image courtesy NSEL[/caption]

“The total amount being disbursed today is around Rs 9 crore,” a NSEL spokesperson said.

Topworth Steels and Power Pvt Ltd has made a payment of about Rs 9 crore to the exchange, while 23 of other investors have defaulted, he added.

More from Fwire

BCCI earned more than Rs 2,400 crore in IPL 2022, reveal documents Eight Russian judokas barred from world championships after Ukraine boycott

NSEL 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 had earlier said it plans to settle all the dues in 30 weeks time, by paying Rs 174.72 crore for first 20 weeks followed by Rs 86.02 crore in next 10 weeks.

PTI