NSEL DEFAULTER: SWASTIK OVERSEAS

CORPORATION ASSETS FOR AUCTION

NSEL Crisis

National Spot Exchange Limited (NSEL) crisis came to light on 31st July 2013

Exchange was forced to suspend all of its

trading contracts

After payment crisis Regulatory Body, Investigation Agencies & NSEL had declared 24 members as NSEL Defaulters

NSEL Defaulter: Swastik Overseas Corporation

Swastik Overseas Corporation is one of these defaulters

On 11 August 2015 total outstanding default amount of Swastik stands 90.80 crore

Income Tax Department raided its office on 22nd August 2013

After which this little known commodities trading company became a talking point

High Court Committee (HCC)

High Court Committee (HCC) is formed under the Bombay High Court

HCC formed to resolve NSEL matters & recover the defaulted amount from the defaulters

No one on behalf of Swastik Overseas Corporation was present during HCC meetings

HCC Meeting

On 5th August 2015 HCC held a meeting

In that meeting HCC issued a fresh notice to Swastik Overseas Corporation

Notice clarifies that in case they do not appear on the next date, appropriate steps will be taken

Auction of Immovable assets of Swastik Overseas

Corporation Bidders were invited by the HCC for the

sale of immovable assets (residential and commercial property) of Swastik Overseas Corporation

The total amount of these properties stands 3.39 crore

Last date of bidding was 8th September 2015

Conclusion

Process of auctioning the defaulters assets need to speed up, as trading clients are awaiting justice

Like auction of Swastik Overseas Corporation’s assets, seized assets of other NSEL defaulters should be auctioned soon

So that the trading clients can get back their money