New Delhi: National Spot Exchange Limited (NSEL) on Tuesday said it has received more than 90 per cent favourable response from traders for the Rs 1,950-crore one-time settlement scheme.
This settlement would bring major relief for the traders whose money was stuck in the NSEL payment crisis, which happened in July 2013.
In a statement, NSEL said a whopping 92.81 per cent of traders in number and 91.35 per cent in value voted in favour of the resolution thereby giving their assent to the scheme of settlement that concluded on May 17. As per the scheme of settlement, an amount of Rs 1,950 crore will be paid to 5,682 traders in proportion to their outstanding as on July 31, 2024.
“This settlement would mean closure of legal cases against the group along with assignment of all rights of traders in favour of 63 moons,” NSEL said in a statement.
The move came after NCLT, Mumbai, in April had ordered e-voting of the traders on the proposed resolution for approving the scheme of settlement.
NSEL with the support of its parent company 63 moons technologies had filed a Scheme of Settlement before the NCLT for a one-time amicable full and final settlement with 5,682 traders. The settlement was originally proposed by the NSEL Investors Forum (NIF), an association representing a large number of traders.
Neeraj Sharma, MD and CEO of NSEL, applauded the work by NSEL Investors Forum who took up the cause for the traders and initiated discussion for a possible one-time settlement for the benefit of the traders. Back in August 2013 also, NSEL, with the support of 63 moons, had paid around Rs 179 crore, thereby giving reliefs to 7,053 smaller traders without standing of less than
Rs 10 lakh.