BAIL

CANCELED

OF 3 NSEL

DEFAULTERS

BY BOMBAY

HCC

Agenda

• Introduction• Swastik Overseas Corporation: NSEL

Defaulter•Aastha Group: NSEL Defaulter•NCS Sugars: NSEL Defaulter• Conclusion

Introduction

• Bombay High Committee Summoned 3 NSEL Defaulters After their bail was cancelled.

• The 3 defaulters have already been alleged for their involvement in National Spot Exchange Ltd. 5,600-crore crisis.

• Rajesh Mehta of Swastik Overseas Corp Ltd., Shilpa Agarwal of Aastha Group and Mr N. Nageshwar Rao of NCS Sugars Ltd. were among the 3 major NSEL defaulters who were summoned by the Bombay High Committee on 29th April, 2015.

Swastik Overseas Corporation: NSEL-Defaulter

• Swastik Overseas Corporation Ltd is situated in Ahmedabad, Gujarat.

• As per the media reports, EOW had arrested Rajesh Mehta, an accused in the Rs 5,600-crore National Spot Exchange Limited (NSEL) Crisis.

• The propriety firm; Swastik Overseas floated by Rajesh Mehta owes Rs 100.88 Crore to the crisis-ridden National Spot Exchange Ltd (NSEL) as on August 27, 2013.

• The Outstanding default amount 93.14 CR yet to be paid by NSEL Defaulter Swastik Overseas Corporation.

• On 29 April, 2015, Rajesh Mehta was summoned to appear in MPID court after a bail cancelation notice was issued to him.

Aastha Group: NSEL Defaulter• Mohit Aggarwal, Managing Director of the Aastha Group, and

Shilpa Aggarwal, a Director with the Aastha Group.• According to the reports ED attached Aastha Group’s

properties in Thane and Mumbai under the Prevention of Money Laundering Act, 2002.

• The group is alleged to have defaulted to the tune of Rs. 241.91 crores in the crisis.

• On 29th April 15, Shilpa Agarwal was summoned to appear in MPID Court after a bail cancellation notice was issued to her.

NCS Sugars: NSEL Defaulter

• Mr. Narayanam Nageswara Rao, the Managing Director of NCS Sugars Ltd, used the NSEL platform to swindled close to Rs. 51.70 Crore.

• He engaged in an agreement to pay Rs 50 crore in 12 months to NSEL.

• Mr. Rao had also pledged shares and movable and immovable assets worth Rs 100 crore for repayment.

• He was arrested by the EOW of Mumbai Police for the crime. • Mr. Narayanam Nageswara Rao was issued a bail cancellation

notice on 29th April 15.

Conclusion

• National Spot Exchange, facing Problems in resolving the Rs. 5,600 dues. • EOW has appealed to the MPID Court, to take

strict action against NSEL Defaulters and recover outstanding defaulted amount.

Thank you