 "Fast-track court set up to expedite NSEL cases")
The sessions court has nominated Ajay R Dinode, judge, city civil court, and additional sessions judge, to try various cases arising out of the scam of NSEL.
Sources said the court would start hearing on July 19.
The decision assumes significance as all NSEL-related cases are pending before various courts for over three years. Setting up of special court will speed up hearing and disposal, said an investor.
Concerned with 13,000 investors’ Rs 5,600-crore stuck in NSEL, the Centre had directed the government of Maharashtra to set up a special court for speedy disposal of the NSEL case in June. The Centre also directed the government of Maharashtra for early auction of assets of defaulters and NSEL officials attached by the Economic Offences Wing (EOW) of the Mumbai police for quick recovery of money.
NSEL, meanwhile, has given details to various government agencies of loans advanced to 23 borrowers that later defaulted resulting in a payment crisis in July 2013.
“Action has been initiated by the government of Maharashtra to auction attached properties. The auction needs to be expedited and the money realised needs to be returned to the investors at the earliest,” stated the finance ministry.
Agencies including the EOW and the Enforcement Directorate (ED) have attached assets of Rs 6,116 crore.
Earlier, various representative associations formed by NSEL investors had written to the Ministry of Finance and the Prime Minister’s office for speedy disposal of NSEL cases.
Meanwhile, the ED arrested Jignesh Shah, founder of NSEL's promoting company Financial Technologies India, and has summoned Shah and 67 other accused in the case for which next hearing is scheduled for Monday. Shah, who is currently in ED custody, will be produced before the Sessions Court on Monday.
The state government has initiated action to auction attached properties.