NSEL payment: fifth straight default likely

Members of crisis-hit National Spot Exchange Ltd (NSEL) have paid just Rs 4.58 crore so far as against the scheduled payment of Rs 174.72 crore, raising the possibility of the fifth straight default tomorrow.

According to the NSEL data, four members out of 24 have paid in Rs 4.58 crore as on today to the bourse, against the the pay-out requirement of Rs 174.72 crore tomorrow.
     
The four members include N K Proteins (Rs 2.1 crore), Sankhya Investments (Rs 1.4 crore), White Water Foods (Rs 58 lakhs) and Metkore Alloys & Industries (Rs 50 lakh).
     
The beleaguered NSEL has already defaulted in the last four pay-outs as it could gather only Rs 92.73 crore in the first pay-out (August 20), Rs 12.05 crore in the second pay-out (August 27), Rs 15.37 crore in third pay-out (September 3) and Rs 7.77 crore in the fourth pay-out (September 10), 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 5,500 crore dues to 148 members after it suspended trade on July 31 on the government direction.
     
The bourse plans to settle the entire dues by paying back investors Rs 174.72 crore every week in seven months.