nsel defaulter - spin cot textiles pvt. ltd

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NSEL Defaulter – Spin-cot Textiles Pvt. Ltd.

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Page 1: NSEL Defaulter - Spin Cot Textiles Pvt. Ltd

NSEL Defaulter –Spin-cot Textiles Pvt. Ltd.

Page 2: 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

Page 3: NSEL Defaulter - Spin Cot Textiles Pvt. Ltd

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

Page 4: NSEL Defaulter - Spin Cot Textiles Pvt. Ltd

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.

Page 5: NSEL Defaulter - 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

Page 6: NSEL Defaulter - Spin Cot Textiles Pvt. Ltd

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

Page 7: NSEL Defaulter - Spin Cot Textiles Pvt. Ltd

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

Page 8: NSEL Defaulter - Spin Cot Textiles Pvt. Ltd

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

Page 9: NSEL Defaulter - Spin Cot Textiles Pvt. Ltd

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

Page 10: NSEL Defaulter - Spin Cot Textiles Pvt. Ltd

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

Page 11: NSEL Defaulter - Spin Cot Textiles Pvt. Ltd

Thank You

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