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The Finance Ministry said on Sunday that it proposes to set up an independent court to exclusively hear cases related to the crisis-ridden National Spot Exchange Ltd (NSEL).
Outlining the key decisions taken at a review meeting chaired by Economic Affairs Secretary Shaktikanta Das on July 19, the Finance Ministry said in a statement that “efforts are being made” to set up such an independent court.
Already, a designated judge of the City Civil Court and Additional Sessions Judge, Greater Bombay, have been nominated to try various cases arising out of the NSEL payment crisis.
Till date, as many as 12 review meetings have been held to monitor the action taken by various investigating and law-enforcement agencies.
The previous meeting was held on June 6.
The statement detailed the measures being pursued by the Maharashtra Government, the Enforcement Directorate, the Financial Intelligence Unit, the Corporate Affairs Ministry and SEBI to expedite the realisation of value of attached assets and quickly refund money to investors who lost on account of the NSEL payments crisis.
The Maharashtra Government has already initiated action to auction the assets attached by the Economic Offences Wing, Mumbai Police.
Properties attachedSo far, 831 properties worth ₹7,063 crore have been attached by the Economic Offences Wing, Mumbai Police, under the MPID (Maharashtra Protection of Interest of Depositors) Act.
Of this, 711 properties worth ₹6,115 crore has been notified in the Gazette of the Maharashtra Government.
The EOW has been requested to consider appropriate action for ₹18 crore of attached assets in the accounts of the competent authority and the designated court under the MPID Act, so that it could be refunded to NSEL investors quickly.
The Enforcement Directorate had filed a prosecution complaint before the City Civil Court and Additional Sessions Judge, Greater Bombay, against NSEL and 67 other accused under the Prevention of Money Laundering Act, 2002.
The prosecution complaint details a money trail amounting to ₹3,721 crore.
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