New Delhi: The NCLT has approved a One Time Settlement Scheme between the National Spot Exchange Ltd (NSEL) and traders, paving the way for payment of Rs 1,950 crore to 5,682 traders, the exchange announced Friday.
The settlement envisages proportionate payments to traders based on their outstanding dues as of July 31, 2024, in exchange for closure of legal cases against the group & assignment of all traders’ rights in favour of 63 moons, NSEL said.
NSEL, with support from its parent company 63 moons technologies Ltd, had filed the settlement scheme before the NCLT Mumbai for an amicable full and final resolution with the traders. When put to vote by the tribunal, 92.81 per cent of traders by number and 91.35 per cent by value voted in favour of the settlement. This marks the second time 63 moons has stepped in to support traders. In August 2013, NSEL, backed by 63 moons, had paid around Rs 179 crore, providing relief to 7,053 smaller traders with outstanding dues of less than Rs 10 lakh. The decision brings relief to traders whose funds were stuck following the NSEL payment crisis in July 2013.
“This would not have been possible without the positive approach of the present BJP government (Central & State) in resolving the crisis, which was not resolved by P Chidambaram and the UPA 2 government for reasons best known to them,” said Neeraj Sharma, Managing Director & CEO of NSEL.
Sharad Kumar Saraf, Chairman of NSEL Investors’ Forum, expressed gratitude for efforts by 63 moons & NSEL, along with central & state govts support in achieving closure.