Bombay High Court asks Mohan India, PrimeZone Developers to disclose assets

Our Bureau Mumbai | Updated on December 02, 2014 Published on December 02, 2014

The Bombay High Court has ordered Mohan India and PrimeZone Developers, the largest defaulters in the National Spot Exchange Ltd (NSEL), to disclose their assets in four weeks.

Hearing a petition filed by the exchange on Tuesday, the court also observed that Mohan India has to furnish a bank guarantee equivalent to the suit amount of over ₹922 crore with the court to revoke the order.

Mohan Group, which owes over ₹922 crore, has failed to meet its commitment after entering into a conciliation agreement with NSEL. The exchange has filed a series of suits to recover ₹5,600 crore from defaulters.

Prakash Chaturvedi, Joint Managing Director, NSEL, said the exchange has appealed to its trading clients to approach the exchange through their respective members and furnish client and member IDs to get authentic information on the progress of recovery efforts.

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Published on December 02, 2014
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