NSEL accused get summons for July 18

The trial court asked all 68 accused to be present in person

The trial court has told the 68 named in the Enforcement Directorate (ED) chargesheet on the National Spot Exchange (NSEL) payments default case to be present before it on July 18.

On Thursday, the counsel for most of those summoned asked for exemption from a personal appearance, apprehending arrest by the ED.

Meanwhile, those accused can file anticipatory bail petitions; their acceptance or rejection would be heard on July 18.

The enforcement agency had prosecuted NSEL and 67 others in March last year under the Prevention of Money Laundering Act. It has also issued attachment orders for Rs 600 crore of assets.
 

The matter came into the light on July 31, 2013, when NSEL failed to repay its 13,000 investors in commodity pair contracts. Due to this, the investors have lost about Rs 5,600 crore in all; it was found NSEL had neither the money nor the stocks to return the money.

This followed a government directive not to issue fresh contracts that crossed a 11-day timeline; contracts in this regard were in breach of the rules. There were 24 entity members which defaulted on payment to the investors.