This Article is From Dec 02, 2014

NSEL Case: High Court Asks Mohan India to Declare Assets

Mumbai: Hearing a suit filed by National Spot Exchange Ltd, the Bombay High Court on Tuesday asked one of its defaulters, M/s Mohan India Group, and its directors to disclose all their properties within four weeks.

The court also said that for vacating the injunction granted earlier, the group would be required to furnish bank guarantee of the suit amount, i.e., over Rs 922 crore, to the court.

According to the suit, Mohan Group is one of the largest defaulters with a settlement obligation of over Rs 922 crore.

After failure of the repayment settlement by Mohan India Group, NSEL moved the court.

Meanwhile, in a statement, the joint managing director of NSEL Prakash Chaturvedi said, "This would not have been possible without the continuous support of Management and Promoter of NSEL who supported such a suit."

The troubled NSEL faced payment crisis of Rs 5,600 crore after it defaulted payment to nearly 13,000 investors and was forced to shut operations last year.