NSEL Defaulter - Shree Radhey Trading Company
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Transcript of NSEL Defaulter - Shree Radhey Trading Company
Agenda
Preface – Shree Radhey Trading Company
Shree Radhey Trading Co’s Business
Defaulter of NSEL Crisis
Bombay High Court Orders
Defiance of Bombay High Court Orders
Committee Meeting
Properties seized by EOW
Current Legal Procedure Status
Preface – Shree Radhey
Trading Company
Shree Radhey Trading Company is a proprietorship firm, engaged in the business of spices for more than 30 years
Worked with NSEL since the last three years
Ramesh Nagpal – Proprietor of Shree Radhey Trading Company
Shree Radhey Trading Co’s
Business
Wholesaler of commodities such as spices,
kirana and dry fruits
Based in Saharanpur, Uttar Pradesh
Defaulter of NSEL Crisis
Ramesh Nagpal failed to make payments to
the exchange on due dates
Total outstanding due of 34.59 crores
Declared as defaulter by National Spot
Exchange Ltd. on 28th August 2013.
Bombay High Court Orders
Bombay High Court directed NSEL
Defaulter Shree Radhey Trading
Company :
To allow inspection by EOW & NSEL
To get an inventory prepared
To dispose perishable goods (Stocks
of Red chilly & black pepper)
To deposit sale proceeds in escrow
account
Defiance of Bombay HC
orders – 19th December 2014
Shree Radhey trading Co obstructed EOW and NSEL from entering their warehouse
Bombay HC warned NSEL Defaulter Shree Radhey Trading Co that if they obstructed again it would be treated as contempt of court
Bombay High Court ordered EOW to break open lock of the warehouse facility
Committee Meeting – 14th
January 2015
ACP Mr Kadam informed the Committee that their officers had gone to the warehouse i.eKrishna Cold Storage to take inspections.
Mr Kadam informed that they were not allowed to enter into the warehouse and local police was not cooperating
The EOW seal seemed to have been broken and new lock has been applied.
Current Legal Procedure
Status
Non-appearance of Counsel SP Bharticompelled court to adjourn the matter to the next hearing
Justice GS Patel also passed an order that in the event if Mr Bharti does not appear then the direction will be passed to break open the seal