maharashtra government initiates to resolve nsel matters

Maharashtra Government Initiates to resolve

NSEL Matters

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

Exchange was forced to suspend all of its trading contracts

Regulatory body, Investigation Agencies & NSEL had declared 24 members as NSEL Defaulters

Introduction

After two years of the 5,600 crore NSEL crisis the Maharashtra Government is setting up a special court

Court will hear the matter related to what eventually turned out to be a deceptive act by NSEL defaulters

The step taken by Maharashtra Government will help in the process of recovering the money from the NSEL defaulters

Maharashtra Govt. sets Special Court

Two committed officials have been appointed

Each official with the rank of Deputy Collector and Additional District Collector

They will look after the auction of the assets that have been attached by the Investigating Agencies

Officials Appointed

Maharashtra Principal Secretary (Home), B K Upadhyay said

“We have sent a proposal to the law and judiciary department to appoint a special court to solve the cases related to NSEL crisis and we have also appointed two

officers to coordinate the efforts of all government departments and to ensure effective prosecution of the

accused under the case.”

Media Reports

A special court is required since some of the orders associated with the sale of properties have been questioned in various courts

The regulatory bodies and the investigating agencies find it difficult to counter such appeals across different platforms

Why is a Special court Needed ?

The special court will be set up under the MPID court

Economic Offences Wing (EOW) of Mumbai Police has charged all the accused under the MPID Act

The EOW has attached assets valued around 6,000 crore but none of the assets have been sold yet

Special Court Set Up under MPID Court

Hence, it is a positive sign setting up a special court for NSEL matters

This court can hear the matter on a daily basis & delaying

tactics by any of the parties can be efficiently dealt with

Conclusion