Media365
More than 90% of the traders of the scam-tainted National Spot Exchange Ltd. (NSEL) in value and 92.81% in number have voted in favour of one-time settlement (OTS), according to a statement by NSEL.
The e-voting concluded on May 17. “The report on results of e-voting submitted by the scrutiniser and approved by the chairperson on May 19 states that a whopping 92.81% of traders in number and 91.35% in value voted in favour of the resolution thereby giving their assent to the scheme of settlement,” NSEL said.
As per the scheme of settlement, an amount of ₹1,950 crore would be paid to 5,682 traders in proportion to their outstanding as on July 31, 2024.
NSEL with the support of its parent company 63 moons technologies ltd had filed a scheme of settlement before the National Company Law Tribunal (NCLT), Mumbai, for a one-time amicable full and final settlement with 5,682 traders.
The OTS was originally proposed by the NSEL Investors Forum (NIF), an association representing large number of traders.
“This settlement would mean closure of legal cases against the group along with assignment of all rights of traders in favour of 63 moons,” NSEL said.
The NCLT, vide its order dated April 8, 2025, ordered e-voting of the traders on the proposed resolution for approving the scheme of settlement.
The NCLT had appointed Ashwini Gupta (Company Secretary) as Scrutinizer and Mukesh Mital (Retd. IRS) as Chairperson to oversee the e-voting. The voting commenced on 17 April, 2025 and concluded on 17 May, 2025.
This settlement is expected to bring major relief for the traders whose monies were stuck in the NSEL payment crisis which happened in July 2013.
Back in August 2013, NSEL had paid about ₹179 crore to 7,053 smaller traders with an outstanding of less than ₹10 lakh each.
Published – May 20, 2025 08:09 pm IST
