Gives exchange three weeks to settle Rs 148-crore dues
Noida-based IGL Finance, a large investor in National Spot Exchange Ltd (NSEL), has issued a notice to the bourse to wind up, creating fresh legal trouble for the beleaguered exchange that is fighting a plethora of law suits.
IGL Finance is a wholly owned subsidiary of India Glycols, a listed petrochemicals firm promoted by Uma Shankar Bhartia, and had invested in the paired contracts of the exchange in commodities such as sugar, raw wool and palm oil. The firm said so far, it had received only Rs 6.48 crore through NSEL’s 14 weekly settlements since the Rs 5,600-crore payment crisis broke out in July.
IGL said the exchange still owed Rs 148.2 crore. “This notice should be treated as statutory winding up under section 434 (1) (a) of the Companies Act, 1956,” said the notice, dated November 26.
Noida-based IGL Finance, a large investor in National Spot Exchange Ltd (NSEL), has issued a notice to the bourse to wind up, creating fresh legal trouble for the beleaguered exchange that is fighting a plethora of law suits.
IGL Finance is a wholly owned subsidiary of India Glycols, a listed petrochemicals firm promoted by Uma Shankar Bhartia, and had invested in the paired contracts of the exchange in commodities such as sugar, raw wool and palm oil. The firm said so far, it had received only Rs 6.48 crore through NSEL’s 14 weekly settlements since the Rs 5,600-crore payment crisis broke out in July.
IGL said the exchange still owed Rs 148.2 crore. “This notice should be treated as statutory winding up under section 434 (1) (a) of the Companies Act, 1956,” said the notice, dated November 26.
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