Bombay HC : NSEL is a serious matter

The Bombay High Court observed that the 5400 crore National Spot Exchange Scam is a serious matter that has affected the lives of many people. This court statement comes at a crucial time when the CBI gave indications that it may close the case on alleged irregularities and duping of customers by NSEL. The Courton Thursday  directed the Ministry of Consumer Affairs, Finance Ministry and the Forward Market Commission (FMC) to file affidavits in reply to PIL seeking CBI probe. 

 

The PIL filed by Kirti Somaiya, a former BJP MP and president of Investor Grievance Forum sought a CBI probe into the matter alleging the refusal of NSEL to pay dues to 17,000 investors. In the last hearing the court had directed all the respondents, including the Central Board of Direct Taxes, NSEL and its promoter Jignesh Shah to file their reply affidavits. The court also affirmed that the case being serious in nature no reprieve would be granted to the respondents. 

 

Lotus Refineries, which also filled  a claim suit worth Rs 2,773 crore against NSEL in Bombay High Court  demanded a fair and free probe into the settlement procedure of NSEL. It categorically stated that it had not received Rs 1,704 crore. In the NSEL records this amount was shown as settled. Lotus Refineries also accused the spot exchange of faking the Real Time Gross Settlement Systems (RTGS) details.

 

In Delhi, CBI  stated that the agency would close the  inquiry as it would lead to different investigations being conducted at the same time. The CBI also said Economic Offenses Wing of the Mumbai Police were competent enough to solve a case.