APPLICABILITY OF MPID ACT ON NSEL BY BOMBAY HC. DOCKET  PREFACE  EOW’s Role  FTIL Misfortune  EOW Alacrity  Mr. Chaturvedi’s Testimony  Applicability.

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Presentation transcript:

APPLICABILITY OF MPID ACT ON NSEL BY BOMBAY HC

DOCKET  PREFACE  EOW’s Role  FTIL Misfortune  EOW Alacrity  Mr. Chaturvedi’s Testimony  Applicability Of MPID Act  Jay Bhatia’s Notion

PREFACE  The most anticipated judgment that came on Thursday in the NSEL crisis case, where the Bombay High Court had dismissed the plea by FTIL in questioning the applicability of the MPID Act to the Rs 5,600-crore NSEL payment crisis  This also means the Act will apply on all exchanges in the country

EOW’s ROLE  The NSEL Crisis came to light on 31 July 2013, the Economic Offences Wing (EOW) of the Mumbai Police found 13,000 trading clients had invested money in the spot exchange  According to media reports, the petition argued that as the money was not taken for NSEL’s purposes, it couldn’t be considered a deposit  Acceptance of money as a ‘deposit’ is mandatory for levying charges under the MPID law

FTIL MISFORTUNE  Third blow for FTIL in the last two days after HC restrained FTIL from disbursing dividend and pay hikes to the shareholders and its executives respectively  Whereas on Thursday, the Registrars of Companies (RoC) rejected FTIL proposal to change its name to 63 moon Technologies

EOW ALACRITY  EOW had attached properties worth Rs 6,000 crore, the valuation being at the time of attachment  We hope the properties attached by the EOW and other government agencies will be sold for paying investors money, said Ketan Shah, founder, NSEL Investors Action Group (NIAG)

Mr. CHATURVEDI’s TESTIMONY  Mr. Prakash Chaturvedi, Managing Director and Chief Executive Officer of NSEL, said :  We are awaiting the court order and further legal course of action shall be taken after studying the court order  We have full faith in the judicial system of the country and we believe that the truth will prevail

APPLICABILITY OF MPID ACT  Once MPID is made applicable, the existing owners cannot liquidate attached properties  The district collector issues orders to auction these, using the proceeds to pay depositors/investors

JAY BHATIA’s NOTION  Jay Bhatia, a legal expert and former counsel of the government of India on NSEL case, said..  “The applicability of MPID Act on one exchange will be applicable on all exchanges in the country”

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