The ₹5,574-crore settlement crisis at the National Spot Exchange Ltd. (NSEL), which came to light six years ago, could finally see some money being recovered as two of the accused entities have filed a proposal to pay ₹100 crore to settle their outstanding dues.
Aastha Minmet India and Juggernaut Projects, both belonging to the Aastha Group, have filed an application at the MPID Court, which is hearing the NSEL matters.
‘No fraudulent intention’
MPID refers to the Maharashtra Protection of Interests of Depositors (in Financial Establishments) Act, under which cases have been filed against the accused entities. While the entities have proposed to pay ₹100 crore by selling their land parcels located at Hyderabad and Cuttack, the settlement proposal also states that if there are outstanding dues after disposing the assets, the same would be repaid within 12 months of the court’s approval of the settlement plan. “We have no fraudulent intention and would like to settle the payment of ₹100 crore as proposed on behalf of Aastha Minmet India Ltd. and Juggernaut Projects Limited,” Mohit Singhal, MD, Aastha Group, told The Hindu. “In due course of the investigation, the real facts of the situation will emerge. It has been over five years and yet the liabilities are not ascertained. There has been no recovery in this case and hence our offer towards settlement is an earnest step in that direction. We can only offer but the authorities need to come forward and accept or suggest some solution,” he added.
The money trail in the case of Aastha Group, as established by the Enforcement Directorate, is pegged at ₹180 crore, while the claim by NSEL is ₹230 crore. The Bombay High Court has passed a decree while fixing the total liability of Aastha Group at ₹158 crore. The group has already paid ₹32 crore over three years and is now proposing to settle the outstanding dues of ₹126 crore by paying ₹100 crore.