Business Other News 25 Jul 2016 Centre to set up cou ...

Centre to set up court for NSEL cases

DECCAN CHRONICLE.
Published Jul 25, 2016, 12:48 am IST
Updated Jul 25, 2016, 12:49 am IST
It has also asked ED to expedite action to recover Rs 3,721 crore from defaulters, and regulator Sebi to complete probe of brokers at the earliest.
The Ministry of Corporate Affairs has also been directed to pursue the court case expeditiously for effecting the merger of now-defunct NSEL with its parent FTIL at the earliest.
 The Ministry of Corporate Affairs has also been directed to pursue the court case expeditiously for effecting the merger of now-defunct NSEL with its parent FTIL at the earliest.

New Delhi: Centre has decided to set up a special court to hear all cases on a priority basis on NSEL payment scam of Rs 5,600 crore. It has also asked ED to expedite action to recover Rs 3,721 crore from defaulters, and regulator Sebi to complete probe of brokers at the earliest.

Department of economic affairs will monitor the action taken by various investigating and enforcement agencies for violations of law, criminal offences and default in payments to investors on the platform of NSEL.

 

The Ministry of Corporate Affairs has also been directed to pursue the court case expeditiously for effecting the merger of now-defunct NSEL with its parent FTIL at the earliest.

These decisions were taken at the review meeting held on the issue last week under Shaktikanta Das, secretary, DEA.

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