NSEL defaults for 29th straight time; pays Rs 83.30 lakh

Embattled spot commodity bourse NSEL today paid Rs 83.30 lakh against scheduled payment amount of Rs 86.02 crore, defaulting for the 29th straight time.
The bourse has settled Rs 323.4 crore so far against Rs 5,500 crore that it owes to investors.
"The total amount being disbursed today in a proportionate manner is Rs 83.30 lakh," National Spot Exchange Ltd (NSEL) said in a statement.
NSEL had previously defaulted 28 times. The spot exchange was unable to make any payment on its 7th and 13th pay-out date. The exchange had availed a bridge loan of Rs 177.23 crore from its promoter Financial Technologies (FTIL) to make payments on a priority basis to small investors.

To accelerate recovery, NSEL has started the process of liquidation of attached assets of defaulting borrowers. As the first step, the exchange has decided to liquidate assets of Mohan India Group and Vimladevi Agrotech, which together owe around Rs 913 crore.
NSEL, promoted by Jignesh Shah-led FTIL, is facing the problem of settling dues to 148 members after it suspended trade in July last year following a government order in the wake of violation of trading norms.
The bourse had earlier said it plans to settle all dues in 30 weeks time, by paying Rs 174.72 crore each for the first 20 weeks followed by Rs 86.02 crore each in the next 10 weeks.