Outcome of the HCC Meeting held on 5th

August 2015

HCC Meeting

High Court Committee(HCC) formed by the Bombay High Court(BHC) to hear the NSEL matters held a meeting on 5th August 2015

Mr. Ameet Naik, Ms. Anuja Jhunjhunwala, Ms. Priya Khaitan, Ms. Ashwini and Mr. Rohit along with Counsel Mr. Chirag Kamdar appeared on behalf of National Spot Exchange Limited (NSEL)

NSEL Defaulters Called for Meeting

The following NSEL Defaulters were heard during the meeting – Shree Radhey Trading Corporation

Aastha Minmet

Swastik Overseas Corporation

NSEL Defaulter - Shree Radhey

The Advocate for Shree Radhey appeared along with its Chartered Accountant

The Accountant stated that the stock registers for the year 2011-12 and 2012-13 were not available as the papers were destroyed in fire (during riots in Saharanpur in July 2014) which occurred at his office

Committee’s verdict on Shree Radhey

The Advocate stated that the documents were handed over to the EOW

Committee has directed them to approach the EOW for the copies of the same & to thereafter file the reconstructed stock registers

They have also been directed to send their bid for the commodities in sealed cover to the Committee

An Application raising objections to publication of sale of commodities in the name of Shree Radhey Trading Co. was also filed & the matter was adjourned to 24th August, 2015

Committee’s verdict on Aastha Minmet

No one appeared for Aastha Minmet

Committee disclosed that the bidder of the TMT Bars had submitted the balance amount of the payment with the Competent Authority

Committee directed that the bidder is allowed to lift the TMT Bars in the presence of the EOW, representative of NSEL & representative of Aastha

It was further clarified that the absence of any party will not be a hindrance in lifting the commodity

Committee’s verdict on Swastik Overseas Corp.

Like Aastha Minmet, no one appeared on behalf of Swastik Overseas Corporation

EOW submitted the accounts of Swastik & they further submitted that they had provided the copies to Swastik as well

Fresh notice was issued to Swastik Overseas making it clear that in case they do not appear on the next date, appropriate steps will be taken

Later the matter was adjourned to 24th August, 2015

Outcome of the meeting

The representatives who appeared for Shree Radhey Trading Co. tried their level best to misguide the HCC

The Committee gave a green signal to the bidder to lift the TMT Bars of Aastha Minmet

Meanwhile, strict action was taken against Swastik Overseas Corporation by issuing a fresh notice stating, suitable action will be taken in case no one appears on the next hearing