The Bombay High Court by an order of September 2014 appointed the High Court Committee (HCC)

1. HCC Directed Metkore Alloys To
Produce Purchase Documents Of
Ferrochrome

2. AGENDA
 INDRODUCTION
 HIGH COURT COMMITTEE MEMBERS
 COMMITTEE MEETING HELD ON MARCH 2015
 METKORE DENIES TO PAY EXCISE DUTY
 THE COMMITTEE DIRECTED METKORE ALLOYS
TO PRODUCE PURCHASE DOCUMENTS
 WRAP UP

3. INDRODUCTION
 The Bombay High Court by an order of September
2014 appointed the High Court Committee (HCC)
 HCC was appointed to Ascertain the liabilities of
nearly two-dozen defaulters on NSEL.
 HCC is also appointed to facilitate mutual settlements
between the defaulters and NSEL and monetize
defaulter assets for distribution to investors under the
HC's supervision

4. HIGH COURT COMMITTEE MEMBERS
 The appointed committee is led by retired High Court
Judge Justice V. C. Daga.
 The Committee also includes J.S. Solomon
(Advocate and Solicitor) & Yogesh Thar (Chartered
Accountant).

5. COMMITTEE MEETING HELD ON MARCH
2015
 Ms. Anuja Jhunjhunwala alongwith Counsel Mr.
Chirag Kamdar were present on behalf of National
Spot Exchange Limited (NSEL).
 Metkore Alloys was one of the defaulter
scheduled to appear for the meeting.
 An Advocate appeared on behalf of Metkore
Alloys

6. METKORE DENIES TO PAY EXCISE DUTY
 The Advocate appearing on behalf of Metkore stated
that Metkore is not liable to pay excise duty as they
are not the manufactures of ferrochrome and they
used to only purchase and trade in such commodity.
 To support The said argument, the Advocate
appearing for the Metkore tendered the order dated
23rd September 2014 passed by the MPID Court.

7. THE COMMITTEE DIRECTED METKORE
ALLOYS TO PRODUCE PURCHASE
DOCUMENTS
 After hearing the parties, the Committee was pleased
to record that the contentions of the Advocate for
Metkore are accepted.
 however, no documents are submitted to that effect by
Metkore Alloys.
 therefore the committee has directed to produce
purchase documents to prove that they have
purchased the goods.

8. WRAP UP
 The Committee has also directed them to produce
stock register with entry of every goods and also a
statement on behalf of Metkore
 The above compliances were to be complied within 1
week
 Later the Hon'ble Committee adjourned the matter to
next date