Outcome of the HCC meeting held on 5th Aug 2015.

1. Outcome of the HCC Meeting held on 5th
August 2015

2. HCC Meeting
 High Court Committee (HCC) formed by the Bombay High Court
(BHC) to hear the NSEL matters held a meeting on 5th August 2015
 The following NSEL Defaulters were heard during the meeting –
 Shree Radhey Trading Corporation
 Aastha Minmet
 Swastik Overseas Corporation

3. NSEL Defaulter - Shree Radhey
 The Advocate for Shree Radhey appeared along with its Chartered
Accountant
 The Accountant stated that the stock registers for the year 2011-12
and 2012-13 were not available as the papers were destroyed in fire
(during riots in Saharanpur in July 2014) which occurred at his office

4. Committee’s verdict on Shree Radhey
 Shree Radhey’s Advocate stated that the documents were handed over
to the EOW
 Committee has directed Shree Radhey to approach the EOW for the
copies of the same & to thereafter file the reconstructed stock registers
 They have also been directed to send their bid for the commodities in
sealed cover to the Committee
 An Application raising objections to publication of sale of commodities
in the name of Shree Radhey Trading Co. was also filed & the matter
was adjourned to 24th August, 2015

5. Committee’s verdict on Aastha Minmet
 No Advocate appeared on behalf of Aastha Minmet
 Committee disclosed that the bidder of the TMT Bars had
submitted the balance amount of the payment with the Competent
Authority
 Committee directed that the bidder is allowed to lift the TMT
Bars in the presence of the EOW, representative of NSEL &
representative of Aastha
 It was further clarified that the absence of any party will not be a
hindrance in lifting the commodity

6. Committee’s verdict on Swastik Overseas Corp.
 Like Aastha Minmet, no Advocate appeared on behalf of Swastik
Overseas Corporation
 EOW submitted the accounts of Swastik & they further submitted that
they had provided the copies to Swastik as well
 Fresh notice was issued to Swastik Overseas making it clear that in
case they do not appear on the next date, appropriate steps will be taken
 Later the matter was adjourned to 24th August, 2015

7. Outcome of the meeting
 The representatives who appeared for Shree Radhey Trading Co. tried
their level best to misguide the HCC
 The Committee gave a green signal to the bidder to lift the TMT Bars
of Aastha Minmet
 Meanwhile, strict action was taken against Swastik Overseas
Corporation
 Committee issued a fresh notice to Swastik stating, suitable action will
be taken in case no one appears on the next hearing