Who wrote this article?

Deepak Shenoy, Capitalmind's research team.

NSEL Gets Only 81 cr. of the 174 cr. It Must Pay Out

20 Aug 2013Deepak Shenoy1 min read

Quick Facts

What is "NSEL Gets Only 81 cr. of the 174 cr. It Must Pay Out" about?
What category is this article in?: Commentary
Who wrote this article?: Deepak Shenoy, Capitalmind's research team.
When was this article published?: Published 20 August 2013.
How long does this article take to read?: 1 min read
What topics does this article cover?: FinanTech, MCX, NSEL

On the eve of the first “payout” by the NSEL to its members, the other parties (“defaulters”) who agreed on a settlement program involving paying over 30 weeks, with precise amounts like Rs. 174 cr. in each week for 20 weeks, have now not even paid in their first installment properly.

Of the Rs. 174 cr. expected, only Rs. 81 cr. has been received. Some have paid less than agreed, some have agreed to pay but not paid at all. Three have paid more than they earlier agreed. There are details, defaulter wise:

NSEL Defaulters that paid

NSEL Defaulters who said they'll pay but didn't

Topworth and Aastha have paid nearly 3x what they committed in the first week, Metkore paid 1.5x. MSR Food paid in full.

No one else met their commitments. The Peon-owned Juggernaut and Tavishi (that shares addresses with Mohan India) haven’t paid at all.

There’s a whole day ahead, but this is now insane. FMC needs to take over the process immediately.