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Government expands NSEL crisis probe

HT Correspondent, Hindustan Times  New Delhi, September 28, 2013
First Published: 01:39 IST(28/9/2013) | Last Updated: 01:41 IST(28/9/2013)

Widening its probe into the National Spot Exchange Ltd (NSEL) matter, the ministry of corporate affairs (MCA) has sought financial reports and other details from the spot exchange’s parent firm Financial Technologies Group and other related entities.


“The MCA is looking into any violations of Companies Act by Financial Technologies, the promoter NSEL, and its group companies,” minister of corporate affairs Sachin Pilot said during an event organised by the All India Management Association.

“The report of Mayaram panel has been given to the government. The finance minister has also asked various ministries to take action regarding the issue. We are looking at possible violations of the Companies Act by all companies and all entities under question,” Pilot added.

The ministry has asked the Registrar of Companies (RoC) to look into all companies and all entities under question as to whether there have been any violations in the past.

NSEL, promoted by Jignesh Shah-led FT Group, is already being probed for `5,600-crore payment default and other violations.

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