Amid protests by black pepper traders against the delivery default, leading agri-bourse NCDEX today said it will resolve the issue at the earliest as per the exchange’s regulations.
“We will resolve the issue at the earliest as per our existing regulations,” NCDEX CEO and Managing Director R. Ramaseshan told PTI when asked about seizure of its six commodity warehouses in Kerala by the Food Safety authority and consequently the delivery defaults of the commodity.
Last month, six warehouses accredited by NCDEX in Ernakulam and Alappuzha district in Kerala were sealed over the complaint of adulteration in pepper stock.
Commissioner Food Safety-Kerala Biju Prabhakar said: “We have sealed six warehouses and have issued notice to NCDEX to ensure the commodity does not enter the market. The stock in the warehouses was about 8,000 tonnes.”
State-run Spices Board of India has been asked to examine the samples of the black pepper, he said.
“With one or two samples, we cannot declare the entire stock as adulterated because the commodity belongs to small and medium farmers. We need to examine carefully,” Prabhakar said.
With seizure of six warehouses in Kerala, black pepper traders of NCDEX have made representation to commodity market regulator FMC and also to the exchange demanding delivery of valid goods or refund the value of the pepper, which is estimated to be about Rs 300 crore.
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Published on January 13, 2013
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