NSEL likely to default investor payment again

Crisis-hit National Spot Exchange Ltd (NSEL) has garnered Rs 10.32 crore so far against Rs 174.72 crore payable to investors tomorrow, raising the possibility of third straight default.

According to the NSEL data, five members out of 24 have paid in Rs 10.32 crore as on today to the bourse, against the the pay-out requirement of Rs 174.72 crore tomorrow.

The five members include N K Proteins (Rs 5 crore), Topworth Steels and Power Pvt Ltd (Rs 4.20 crore), Metkore Alloys & Industries (Rs 50 lakh), Sankhya Investments (Rs 37 lakh), Aashtha Minmet India (Rs 15 lakh) and MSR Food Processing (Rs 10 lakh), it added.
      
The beleaguered NSEL has already defaulted in the first two pay-outs as it gathered only Rs 92.73 crore in the first pay-out and Rs 12.05 crore in the second pay-out, out of the scheduled Rs 174.72 crore each.
      
The bourse, however, had availed a bridge loan of Rs 177.23 crore from its promoter Financial Technologies (FTIL) to make payments on priority basis to small investors.
     
NSEL, promoted by Jignesh Shah-led FTIL, is facing the problem of settling Rs 5,600 crore dues to 148 members after it suspended trade on July 31 as per government direction.
     
The bourse plans to settle the entire due amount by paying back investors Rs 174.72 crore every week in seven months.