Bombay High Committee Summoned 3 NSEL Defaulters After their bail was cancelled.

1. BAIL
CANCELED
OF 3 NSEL
DEFAULTERS
BY BOMBAY
HCC

2. Agenda
• Introduction
• Swastik Overseas Corporation: NSEL
Defaulter
• Aastha Group: NSEL Defaulter
• NCS Sugars: NSEL Defaulter
• Conclusion

3. Introduction
• Bombay High Committee Summoned 3 NSEL Defaulters After
their bail was cancelled.
• The 3 defaulters have already been alleged for their
involvement in National Spot Exchange Ltd. 5,600-crore
crisis.
• Rajesh Mehta of Swastik Overseas Corp Ltd., Shilpa Agarwal
of Aastha Group and Mr N. Nageshwar Rao of NCS Sugars
Ltd. were among the 3 major NSEL defaulters who were
summoned by the Bombay High Committee on 29th April,
2015.

4. Swastik Overseas Corporation: NSEL-
Defaulter
• Swastik Overseas Corporation Ltd is situated in Ahmedabad,
Gujarat.
• As per the media reports, EOW had arrested Rajesh Mehta, an
accused in the Rs 5,600-crore National Spot Exchange Limited
(NSEL) Crisis.
• The propriety firm; Swastik Overseas floated by Rajesh Mehta
owes Rs 100.88 Crore to the crisis-ridden National Spot
Exchange Ltd (NSEL) as on August 27, 2013.
• The Outstanding default amount 93.14 CR yet to be paid by
NSEL Defaulter Swastik Overseas Corporation.
• On 29 April, 2015, Rajesh Mehta was summoned to appear in
MPID court after a bail cancelation notice was issued to him.

5. Aastha Group: NSEL Defaulter
• Mohit Aggarwal, Managing Director of the Aastha Group, and
Shilpa Aggarwal, a Director with the Aastha Group.
• According to the reports ED attached Aastha Group’s
properties in Thane and Mumbai under the Prevention of
Money Laundering Act, 2002.
• The group is alleged to have defaulted to the tune of Rs.
241.91 crores in the crisis.
• On 29th April 15, Shilpa Agarwal was summoned to appear in
MPID Court after a bail cancellation notice was issued to her.

6. NCS Sugars: NSEL Defaulter
• Mr. Narayanam Nageswara Rao, the Managing Director of
NCS Sugars Ltd, used the NSEL platform to swindled close to
Rs. 51.70 Crore.
• He engaged in an agreement to pay Rs 50 crore in 12 months
to NSEL.
• Mr. Rao had also pledged shares and movable and immovable
assets worth Rs 100 crore for repayment.
• He was arrested by the EOW of Mumbai Police for the crime.
• Mr. Narayanam Nageswara Rao was issued a bail cancellation
notice on 29th April 15.

7. Conclusion
• National Spot Exchange, facing Problems in
resolving the Rs. 5,600 dues.
• EOW has appealed to the MPID Court, to take
strict action against NSEL Defaulters and recover
outstanding defaulted amount.

8. Thank you