The High Court Committee (HCC) met on August 5th, 2015 to hear matters related to three NSEL defaulters - Shree Radhey Trading Corporation, Aastha Minmet, and Swastik Overseas Corporation. For Shree Radhey, the Committee directed them to get copies of stock records from the police and submit reconstructed records along with their bid. For Aastha Minmet, the Committee allowed the winning bidder to lift steel bars after paying the balance. For Swastik Overseas Corporation, the Committee issued a fresh notice warning of action if they failed to appear at the next hearing.

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