• Will be clearing pay-out of Rs. 177.23 Crs to small investors; total payout would be about Rs 190 crores
• Appoints Grant Thornton as forensic auditor
Considering the interests of small investors and in good faith, NSEL has decided to make immediate payments as below, without prejudice; these payments will be outside of the agreed settlement plan, which will continue as such.
Payments to:
1) Small investors (608 investors) who were to receive amounts up to Rs.2,00,000 (Rupees two lakhs) as of July 31, 2013, will receive 100% payment with this disbursement.
2) Investors (6380 investors) who were due to receive amounts above Rs. 2,00,000 (Rupees two lakhs) and up to Rs. 10,00,000 (Rupees ten lakhs) as of July 31, 2013, will receive 50% payment with this disbursement . These investors will receive the remaining amount proportionately as per the settlement plan.
NSEL has availed a bridge loan from FTIL, the promoter company to make these payments aggregating Rs.177.23 crores.
NSEL will also make a pay-out of Rs. 12.60 crores under the settlement plan, through the escrow account, out of the monies recovered from the members with outstanding dues.
Further, Grant Thornton has been appointed as the forensic auditors who have commenced the audit today, in addition to the internal investigation already initiated against the management team.
NSEL is actively pursuing recovery of the dues from the members with outstanding dues. This includes initiation of civil and criminal proceedings against the defaulting members besides taking actions under the Rules and Bye-laws of the NSEL. The Exchange will take similar recourse for other members who do not pay-in their dues as per schedule.
• Appoints Grant Thornton as forensic auditor
Considering the interests of small investors and in good faith, NSEL has decided to make immediate payments as below, without prejudice; these payments will be outside of the agreed settlement plan, which will continue as such.
Payments to:
1) Small investors (608 investors) who were to receive amounts up to Rs.2,00,000 (Rupees two lakhs) as of July 31, 2013, will receive 100% payment with this disbursement.
2) Investors (6380 investors) who were due to receive amounts above Rs. 2,00,000 (Rupees two lakhs) and up to Rs. 10,00,000 (Rupees ten lakhs) as of July 31, 2013, will receive 50% payment with this disbursement . These investors will receive the remaining amount proportionately as per the settlement plan.
NSEL has availed a bridge loan from FTIL, the promoter company to make these payments aggregating Rs.177.23 crores.
NSEL will also make a pay-out of Rs. 12.60 crores under the settlement plan, through the escrow account, out of the monies recovered from the members with outstanding dues.
Further, Grant Thornton has been appointed as the forensic auditors who have commenced the audit today, in addition to the internal investigation already initiated against the management team.
NSEL is actively pursuing recovery of the dues from the members with outstanding dues. This includes initiation of civil and criminal proceedings against the defaulting members besides taking actions under the Rules and Bye-laws of the NSEL. The Exchange will take similar recourse for other members who do not pay-in their dues as per schedule.
