OUTCOME OF HIGH COURT COMMITTEE MEETINGS

AGENDA

Purpose of HCC meetings

HCC meeting on 21st Aug 2015

Court Hearing of Yathuri Associates

Court Hearing of Aastha Group

Conclusion

PURPOSE OF HIGH COURT COMMITTEE (HCC) MEETINGS

Matters of National Spot Exchange Limited (NSEL) defaulters are ongoing at HCC meetings in regards to NSEL crisis

Plenty of legal proceedings &  notices are conducted & issued almost every month

Main purpose is to resolve & recover defaulted amount from NSEL defaulters

HCC MEETING ON 21ST AUG 2015

Held on 21st of Aug 2015

NSEL matters conducted before Justice Dalvi

Yathuri Associates was listed for hearing

NSEL defaulter Gagan Suri, Proprietor of Yathuri Associates

present

Aastha Juggernaut was also listed for hearing on that day

Mohit Aggarwal, Managing Director of Aastha Group present

Lawyers of both parties were present at the meeting

COURT HEARING OF YATHURI ASSOCIATES

Outstanding default amount of Rs. 399.60 cr in NSEL crisis

They submitted required bank statements in court

They also submitted IT Returns

Gagan Suri, Proprietor of Yathuri Associates was granted bail

He is required to remain present as & when required as per Hon'ble Court’s order

COURT HEARING OF AASTHA GROUP

Outstanding default amount of Rs. 241.75 crores in NSEL crisis

Aastha Group submitted incomplete bank statements at HCC meeting

No possession of required docs of Juggernaut

Only one bank account details available

No disclosure of immovable & movable assets

Current Director of company was asked to whom warrant should be issued to

Reply given that there were no Directors as all had resigned

They also stated that Mohit Aggarwal, Promoter of Aastha Group was the only one left

The court then asked to file affidavit for the same

CONCLUSION

Recovery process from NSEL defaulters going on for almost a year

Process is taking a significantly long amount of time

Trading clients who have lost their money on the platform, are still waiting for justice

There has been no substantial result as yet

Speedy recovery process is awaited to bring about relief to NSEL trading clients