nsel defaulter - spin cot textiles pvt. ltd

NSEL Defaulter –Spin-cot Textiles Pvt. Ltd.

Index

• Prologue

• Directors of Spin Cot Textiles Pvt. Ltd

• NSEL Defaulter

• 20th January 2015 Committee Meeting Findings.

• Mr. bhushan Shah’s findings during the committee meeting.

• Orders passed by Mr.V.C. Daga at committee meeting.

• Properties secured for attachment by EOW

• Conclusion

Prologue

• Spin Cot Textiles Pvt. Ltd. was incorporated as a Pvt. Ltd.Company in the year 2006 in Andhra Pradesh

• They started with 25200 spindles

• Spin Cot Textiles had a State of Art Technology Plantwith equipment from renowned textiles machinerymakers from Switzerland and Germany

Directors ofSpin Cot Textiles Pvt. Ltd

• Ghanta K. Rao

• Managing Director of Spin Cot Textiles Pvt. Ltd.

• Ghanta Kasturi

• Director of Spin Cot Textiles Pvt. Ltd.

NSEL Defaulter• Spin Cot Textiles Pvt. Ltd. is one of the defaulter of NSEL Crisis

• The outstanding amount is Rs. 38.26cr

• It gave an undertaking to Bombay High Court on 5th December 2013 that it would deposit Rs. 50 Lakh every month in the court

• 1st installment on 10th December 2013 and remaining installment before 10th of each succeeding month

20th January 2015 Committee Meeting findings

• Committee was informed; properties attached by court receiver but the court do not possess copies of these documents

• Mr. Rao submitted, that a company has been given a proposal, so the committee should allow him to run the realization of the property

• Mr. V. C. Daga directed Mr. Rao to bring the letter from the company who has given the proposal

• Mr. V. C. Daga instructed to get his Book of Accounts and the same needs to be furnished with correct details

Mr. bhushan Shah’s findings during the committee meeting

• Mr. Bhushan Shah from MHCO, informed the committee that Spin Cot had physical possession of NSEL commodities, at the time of crisis valuing Rs. 26 crs which NSEL denied

• Mr. Bhushan Shah told bank to return and transfer the credit in NSEL’s book of account from Spin Cot’s book of accounts

Orders passed by Mr. V. C. Daga at committee meeting

• A detailed affidavit to be filed by the bank to give Panchanamawith regards to the properties mortgaged by 22 January 2015

• To furnish a complete books of accounts and the details of the chartered Account

Properties secured for attachment by EOW

Asset Type

Location Details Area

Flat4-5-60/2/A, Saibaba Road, Guntur, Andhra Pradesh

Factory

Survey No. 35/1, 35/2, 35/3, 31/4, 31/5, 36/1, 36/2, 36/3, 36/4, 39/1, 39/2, 39/4, 39/5, 39/7, NH-5, 19 K.M. Opp. Pearl Beverages LTD, Marripalem Unnava, Edlapadu Mandal, Guntur 522233, Andhra Pradesh

24 Acres & 45 Cents

Conclusion

• Spin Cot Textiles Pvt. Ltd. is yet a major defaulter of NSEL

• Spin Cot traded with NSEL with the intent to default

• Legal proceeding are yet on going against Spin Cot Textiles Pvt. Ltd. in the Bombay HC

Thank You

Images are for presentation purpose only.