maharashtra government initiates to resolve nsel matters
TRANSCRIPT
Maharashtra Government Initiates to resolve
NSEL Matters
National Spot Exchange Limited (NSEL) crisis came to light on 31st July 2013
Exchange was forced to suspend all of its trading contracts
Regulatory body, Investigation Agencies & NSEL had declared 24 members as NSEL Defaulters
Introduction
After two years of the 5,600 crore NSEL crisis the Maharashtra Government is setting up a special court
Court will hear the matter related to what eventually turned out to be a deceptive act by NSEL defaulters
The step taken by Maharashtra Government will help in the process of recovering the money from the NSEL defaulters
Maharashtra Govt. sets Special Court
Two committed officials have been appointed
Each official with the rank of Deputy Collector and Additional District Collector
They will look after the auction of the assets that have been attached by the Investigating Agencies
Officials Appointed
Maharashtra Principal Secretary (Home), B K Upadhyay said
“We have sent a proposal to the law and judiciary department to appoint a special court to solve the cases related to NSEL crisis and we have also appointed two
officers to coordinate the efforts of all government departments and to ensure effective prosecution of the
accused under the case.”
Media Reports
A special court is required since some of the orders associated with the sale of properties have been questioned in various courts
The regulatory bodies and the investigating agencies find it difficult to counter such appeals across different platforms
Why is a Special court Needed ?
The special court will be set up under the MPID court
Economic Offences Wing (EOW) of Mumbai Police has charged all the accused under the MPID Act
The EOW has attached assets valued around 6,000 crore but none of the assets have been sold yet
Special Court Set Up under MPID Court
Hence, it is a positive sign setting up a special court for NSEL matters
This court can hear the matter on a daily basis & delaying
tactics by any of the parties can be efficiently dealt with
Conclusion