Lotus Refineries, which has threatened to file defamation case against the embattled National Spot Exchange, has claimed that the exchange had offered to arrange for a loan of Rs 270 crore as late as July 25.

The exchange shut trading from August 1 and is now struggling to settle trades worth Rs 5,600 crore.

Indicating the liability, NSEL Managing Director Anjani Sinha had offered to voluntarily secure loans to the tune of Rs 270 crore for Lotus through Sanjeev Kumar, Director, Online Finance and Investment, said Viren Thakkar, spokesperson, Lotus Refineries.

However, he said, the loan had not been availed.

The e-mail, a copy of which is with Business Line , from Online Finance addressed to Arun Kumar Sharma, Managing Director, Lotus Refineries, said, “With reference to the discussion we had with Anjani Sinha of National Spot Exchange for request for processing a loan of (Rs) 270 crore for business expansion purposes of Lotus Refineries we are pleased to inform…”

Interest rate

It also mentioned the rate of interest applicable at 16 per cent per annum payable monthly.

The same is to be paid by 5th of every month, it said.


The period of repayment was fixed at two years and the first instalment of monthly interest has to be paid in the form of a PDC (post dated cheque) favouring Online Finance and Investment payable at Chandigarh.

“From the next month we would require an ECS (Electronic Clearance Service) mandate from your end towards payment of interest,” it said.