Crisis-ridden National Spot Exchange Ltd (NSEL) on Wednesday said its Delhi-based member Mohan India Ltd has agreed to pay to the exchange about Rs 771 crore in final settlement over the next one year.
"NSEL and one of its members Mohan India have reached an agreement, based on which, the latter has agreed to facilitate pay-in of Rs 771 crore over a period of one year as part of its financial closure/settlement obligations," the exchange said in a statement.
Mohan India will make a down payment of Rs 11 crore and the balance will be paid over the next one year, it said. The firm's total outstanding was Rs 950 crore.
"We are committed to pay-in and settle our dues over the next one year period, and I am happy that we have reached an understanding with NSEL," Mohan India Director Jagmohan Garg said.
Some more members have also come forward for settlement of their dues and are at various stages of finalisation, he said adding that NSEL and NIF are committed to jointly work towards a solution to recover dues.
NSEL, promoted by Jignesh Shah-led FTIL, is facing problems in settling Rs 5,600 crore dues to 13,000 investors after it suspended trade on July 31 on government's direction. So far, NSEL has settled about Rs 209 crore.