TMT Bars of NSEL Defaulter are on sales.

1. AasthaMinmet’sBotched
Effort to Recover Amount
Overdueon NSEL

2. Outline
• Rough Guide
• High Court Commands
• Bidding Process delayed
• CA laid low on decisions
• To Conclude

3. Rough guide
• AasthaGroup, an Indian based Multinational Company
• AasthaGroup hasitsmanifestation around theworld
• Juggernaut projectsisalso apart of theAastha
Cont...

4. • Juggernaut istheir first-generation businessgroup
• The company has profit-making interest in varied sectors; i.e.
steel, minerals, energy, agro, IT and education.
• The Aastha website presently lists only Aastha Minmet and
AasthaAlloycrop asapart of thegroup.

5. High Court commands
• AasthaMinmet swindled money on thetrading platform of
National Spot ExchangeLimited.
• High Court ordered AasthaMinmet to tradeon raw materials
and remuneratemoney to theExchange.
Contd.…

6. • High Court Committeehanded thechargeof tradeto a
Competent Authority, Ajit Sakhare.
• Asamomentum, it wastheresponsibility of Competent
Authority, Ajit Sakhareto start bidding on theraw material;
TMT Bars.

7. Bidding Process delayed
• Thebidding processshould beon thego when order waspassed but
theprocesswasdeferred by theCompetent Authority.
• Recently, asper theadvertisement posted in thenewspapers, Aastha
Minmet hasfinally decided to giveaway their TMT Bars.
Cont….

8. • Bidderswereinvited for thesaleof TMT Barsto the
warehouseof theAasthaMinmet which islocated near Shree
Balaji TMT Road Mills, AndhraPradesh.
• Buying theseTMT Barswill enablethecompany to
recompensetheduesof theNational Spot ExchangeLimited.

9. CA laid low on the decisions
• If thegoodsarehoarded at theutmost, valueof themerchandiseis
depreciated.
• It wastheresponsibility of theCompetent Authority to start thebidsover a
product assoon asthey receivethecourt orders.
Cont...

10. • Why Competent Authority laid low on thedecisionswhen a
hugeamount isinvolved in thecrisis?
• Anyway, it isnever too late. A step forward taken by Ajit
Sakhareand theDefaulter of theExchangewill help the
platform to receivethemoney quickly.

11. To Conclude
• AasthaMinmet Pvt. Ltd. and Juggernaut Projectsareamong
themajor defaultersin theNational Spot ExchangeLimited
case.
• Thegroup isalleged to havedefaulted to thetuneof Rs. 250
croresin thecrisis.
• Delay in decisionsmadeby Competent Authority hasmade
theexchangesuffer in themarket.

12. • NSEL Defaultersareout on bail and no strong judgmentsare
madeon them.
• Default amount isyet to berecovered by theCourt.

13. THANK YOU