Govt to set up independent court for NSEL cases

24 July, New Delhi

The government today decided to establish an independent court to hear cases related to the National Spot Exchange Limited (NSEL) on exclusive basis and advised the Enforcement Directorate (ED) to expedite action for completing all procedural formalities necessary for the recovery of investment and conviction of offenders.

In its review meeting, the Ministry of Corporate Affairs (MCA) has been advised to pursue the Bombay High Court case expeditiously for effecting merger or amalgamation of NSEL with Financial Technologies (India) Limited (FTIL), the Finance Ministry said in a tweet.

In the meeting, which was held by the Secretary of Department of Economic Affairs (DEA), it has been also decided to monitor action taken by investigating agencies for violations of law and default in payments, in case of NSEL.

”The MCA also advised to strongly defend efforts of the government to introduce management and governance changes in FTIL, which are under legal challenge,” it added.

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