| The income tax ( I- T) department on |
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Ahmedabad/ Mumbai, 22 August Thursday conducted survey operations on the business premises of 24 members of the crisis- ridden National Spot Exchange Limited (NSEL), facing irregularity charges in settling ₹ 5,600 crore of dues to investors. This included two Gujaratbased groups, N K Proteins and Swatik Overseas Corporation, sources in the I- T department in Ahmedabad said. NSEL says NK Proteins owes ₹ 967 crore, around 17 per cent of the total funds availed from NSEL, and declared as a defaulter along with others. Swatik Overseas has to pay ₹ 98 crore towards the settlement. I- T sources said the searches were being done in Mumbai, Hyderabad, Ahmedabad, Mehsana, Deesa, Akota, Kolkata, Nagpur, Jaipur and some other locations. " These groups are involved in the recent controversy regarding payout default on NSEL," they said. The I- T department has also begun to check the stocks in the warehouses of these companies, to check the account books and transactions to ascertain any possible tax evasion and verify their claims of huge dues, they said. " The survey operations are still continuing. Examination of documents found, verification of stock found and further enquiries as necessary are being conducted," asenior I- T official in Mumbai said. NSEL has been able to settle only ₹ 92 crore of the first lot of commitments it made of settling ₹ 174.7 crore. It has dismissed its managing director and six other top executives in the wake of these developments. The Forward Markets Commission on Wednesday, directed NSEL to initiate the auctioning of defaulters' assets. Operations being carried out at premises of over 24 members of the exchange across country BS REPORTERS New Delhi, 22 August
MCA to check if NSEL violated companies law The Ministry of Corporate Affairs would soon meet to discuss the National Spot Exchange Ltd ( NSEL) crisis and decide whether the companies law had been violated. In case of violations, the ministry might also consider the action to be taken. "I am meeting officers to take stock of the situation. We will discuss the possible things that can be done," Minister for Corporate Affairs Sachin Pilot told Business Standard, confirming the Department of Consumer Affairs had recently referred the matter to the ministry. Pilot added his ministry would primarily look at the matter from the perspective of the companies law and try to arrive at a conclusion in a couple of days. The consumer affairs department had urged the corporate affairs ministry to seek details from the Registrar of Companies on the nature of ownership in NSEL and the kind of liability the promoters had. The beleaguered exchange, set up to provide an electronic platform for buying and selling agricultural and other commodities, was found to be carrying out trades in forward commodity contracts as well, in violation of rules. Trade on the exchange was suspended on July 31, following a government directive. This triggered apayment crisis of ₹ 5,600 crore. While NSEL has proposed aseven- month plan to settle dues, the bourse has already come under the scanner of various ministries and regulators such as the consumer affairs ministry, the Forward Markets Commission and the Securities and Exchange Board of India, with each looking into various aspects of the crisis. |
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