With the Mohan India group taking steps to settle its Rs 771 crore outstanding dues to the National Spot Exchange Ltd (NSEL), other borrowers too have approached the exchange for a settlement.

NSEL promoter Jignesh Shah told Business Line that six more borrowers have come forward for a financial agreement with the exchange. The Economic Offences Wing (EOW) of the Mumbai police is getting updates about these developments, he said.

NSEL is in a spot due to the Rs 5,500 crore payout scam.

On Friday, the EOW had allowed Mohan India to liquidate its sugar stock worth Rs 90 crore. The proceeds of the sale would be used for settling the dues of the investors.

Rajvardhan, Additional Commissioner, EOW, said that Shah had approached the wing with the likely settlements with the borrowers. But it does not absolve them of the charges. The investigation against the borrowers will continue, he said.

He said properties and assets worth Rs 3,109 crore have been frozen. It includes properties with a book value of Rs 2,679 crore, shares of Rs 252 crore and bank deposits of Rs 172 crore.

rahul.wadke@thehindu.co.in

(This article was published on December 7, 2013)
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