nsel defaulter: swastik overseas corporation assets for auction
TRANSCRIPT
NSEL DEFAULTER: SWASTIK OVERSEAS
CORPORATION ASSETS FOR AUCTION
NSEL Crisis National Spot Exchange Limited (NSEL) crisis
came to light on 31st July 2013 Exchange was forced to suspend all of its
trading contracts
After payment crisis Regulatory Body, Investigation Agencies & NSEL had declared 24 members as NSEL Defaulters
NSEL Defaulter: Swastik Overseas Corporation
Swastik Overseas Corporation is one of these defaulters
On 11 August 2015 total outstanding default amount of Swastik stands 90.80 crore
Income Tax Department raided its office on 22nd August 2013
After which this little known commodities trading company became a talking point
High Court Committee (HCC) High Court Committee (HCC) is formed under
the Bombay High Court
HCC formed to resolve NSEL matters & recover the defaulted amount from the defaulters
No one on behalf of Swastik Overseas Corporation was present during HCC meetings
HCC Meeting On 5th August 2015 HCC held a meeting
In that meeting HCC issued a fresh notice to Swastik Overseas Corporation
Notice clarifies that in case they do not appear on the next date, appropriate steps will be taken
Auction of Immovable assets of Swastik Overseas
Corporation Bidders were invited by the HCC for the
sale of immovable assets (residential and commercial property) of Swastik Overseas Corporation
The total amount of these properties stands 3.39 crore
Last date of bidding was 8th September 2015
Conclusion Process of auctioning the defaulters assets need
to speed up, as trading clients are awaiting justice
Like auction of Swastik Overseas Corporation’s assets, seized assets of other NSEL defaulters should be auctioned soon
So that the trading clients can get back their money