 "NSEL crisis: Investors to wait till Tuesday before deciding legal action")
Investors hit by the payment crisis at beleaguered National Spot Exchange (NSEL) are keenly awaiting the first payout by the exchange on Tuesday before deciding on whether to take any legal recourse.
“All investors are concerned about the ability of NSEL to pay up as the payout schedule is vague. We will wait until Tuesday to see the first tranche of payment to take a final decision forward,” NSEL Investors Forum (NIF) President S K Saraf told PTI here.
[caption id=“attachment_1042271” align=“alignleft” width=“380”]  Reuters[/caption]
His statement came close on the heels of Indian Council of Investors filing a PIL in the Bombay High Court on Friday against the troubled NSEL, which was thrown into a tizzy after the government forced it to suspend trading of contracts from 31 July, causing a payment crisis to the tune of Rs 6,500 crore.
The forum will plan for a proper strategy to ensure full payment of legitimate dues of their members. The NIF plans to take up the matter at all levels including official, political and legal, Saraf said.
“We have already met lawyers of AZB Partners and FMC chairman Ramesh Abhishek on our grievances. We have also set up a meeting with Union consumer affairs and the finance secretaries early next week seeking to protect our interests,” he said.
The Forward Markets Commission (FMC) has already sought help of the finance ministry and other investigating agencies.
NSEL is promoted by Jignesh Shah of Financial Technologies.
With the payment crisis engulfing NSEL, the PMO is planning to set up a special team headed by the Economic Affairs Secretary Arvind Mayaram to look into the issue.
Sources said the Finance Ministry will also use its investigative agencies to look into allegations of possible money-laundering and warehouse-receipt fraud.
It is also expected to direct the NSEL to handover details of its warehouses to government agencies like FCI and Central Warehouse Corporation.
PTI
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