INSUBCONTINENT EXCLUSIVE:
used to square trades on the National Spot Exchange (NSEL) before the mothballed platform was hit by a Rs 5,600-crore scam six years
ago.
NSEL is a subsidiary of 63 Moons and its settlement guarantee fund (SGF) had a corpus of Rs 790 crore.
In an affidavit, the Centre also
original promoter if the NCLAT allowed it to take management control of 63 Moons
before the tribunal pronounced its verdict
The NCLAT is slated to take up the matter on Monday
Thornton has already looked into the entire SGF utilisation issue and its Supplementary Report of October 2013 clearly states that entire
amount in the SGF of NSEL was utilised to meet the pay-out obligations of the members (for which SGF was meant) by 26.07.2013, after which
of rights accruing to Jignesh Shah or his family members as promoters of 63 Moons
provision in Indian law that authorises suspension of the rights of shareholders of a listed limited company in the absence of findings of
Chennai in June last year refused to declare the present board of 63 Moons not fit and proper to be directors, while allowing the Centre to
The NCLT, however, declared 10 past directors, including Jignesh Shah, unfit to be directors of any company for allegedly failing to
Former directors at 63 Moons have challenged the NCLT order.
