Crisis-ridden National Spot Exchange Ltd (NSEL) has received only Rs 8.5 crore till now against the scheduled Rs 174.72 crore for the August 27 payout.
This could see NSEL falling foul of investors and authorities. It is already facing a shortfall of Rs 81.99 crore for the first payment that went by on August 20.
The NSEL, which suspended trading on July 31, has committed to pay Rs 5,574.31 crore to investors. It has promised to make the payment over 30 weeks. Motilal Oswal, Chairman, Motilal Oswal Financial Services, whose exposure to the commodity bourse is about Rs 262.87 crore, said he expected to get back only 30-40 per cent of his dues.
“Recovery of the balance will be painful. We suspect the money is stuck in commodities up to 80 per cent. The remaining appears diverted to manufacturing projects and real estate and will take a long time to recover,” he said.
Arun Kejriwal, Founder, Kris Research, likened the crisis to the Harshad Mehta scam.
Sharad Kumar Saraf, Chairman, NSEL Investor Forum, said: “It appears that the funds have been siphoned off.”
Income-Tax Department sleuths, who are carrying out searches on the premises of defaulters, have said many transactions were against either non-existent or inadequate stock of commodities.
Asked on the possibility of diversion of funds by processors, the NSEL said: “We do not wish to not comment on third party actions. The exchange will follow due process as per its bye-laws and rules to recover the dues. Audit for stock is on and the liability of the pay in is on the processors as mentioned in the list uploaded on our Web site.”
On legal options, Tejesh Chitlangi, Partner, IC Legal, said it will be a long-drawn out. The exchange can seek winding up operations of defaulters.