logo

SC refuses to hear plea for bail cancellation of NSEL ‘scamster’ Shah

SC refuses to hear plea for bail cancellation of NSEL ‘scamster’ Shah
A bench headed by Justice Pinaki Chandra Ghose did not entertain the petition filed by a group of investors on the ground that it had no locus to challenge the Bombay High Court order granting bail to Shah in the case.

The court said that certain individuals had approached it and not the state government or the prosecuting agency. Shah, former Chairman and Chief Executive Officer of Financial Technologies India Ltd, is an accused in the National Spot Exchange Limited payment crisis case.

The Bombay High Court had on 22 August granted bail to Shah on a bond of Rs 5 lakh and a surety of like amount. He was arrested on 7 May for his alleged involvement in the Rs 5,600 crore payment crisis at subsidiary National Spot Exchange. The police have charged Shah with criminal conspiracy, breach of trust, cheating and forgery under various sections of the Indian Penal Code, and under certain provisions of the Maharashtra Protection of Interest of Depositors Act.

Meanwhile, the turnover of the commodity bourses fell by 52 per cent to Rs 34.52 lakh crore during the April-October period this fiscal due to sluggish volumes in almost all commodities, according to the Forward Markets Commission (FMC).The exchanges had generated a business worth Rs 71.60 lakh crore in the same period last year, the FMC said in its latest report.

The commodity markets regulator said that the business fell in almost all commodities — agriculture, bullion, metals and energy on the exchanges platform.

Experts attributed the fall in business mainly to higher transaction costs especially after the imposition of commodity transaction tax (CTT) from last year onwards. The turnover from bullion fell by over 62 per cent to Rs 12.13 lakh crore in the April-October period of the 2014-15 fiscal, from Rs 32.17 lakh crore in the year-ago.

Similarly, the business from energy items declined by over 53 per cent to Rs 8.16 lakh crore from Rs 17.48 lakh crore, the turnover from metals declined by 43 per cent to Rs 7.51 lakh crore from Rs 13.11 crore in the review period.

The turnover from agricultural commodities too fell by 24 per cent to Rs 6.70 lakh crore in the April-October period of this year, as against Rs 8.82 lakh crore a year ago. At present, there are four national and six regional level exchanges operating in the country.
PTI

PTI

Our contributor helps bringing the latest updates to you


Share it
Top