1. HCC Meeting Held On 17 October 2015 To Hear NSEL Matter

2. HCC Meeting  High Court Committee (HCC) formed by the Bombay High Court to hear the National Spot Exchange Limited (NSEL) matters  On 17 th October 2015 matter of NSEL Defaulter LOIL Group was heard during the meeting  Key officials from NSEL including Mr. Prakash Chaturvedi were present during the meeting

3. NSEL Defaulter – LOIL Group  Proceedings was started by Mr. Kevic Setalvad who appeared on behalf of LOIL group  He referred to the 6th October, 2015 order of Bombay High Court  He stated that LOIL group is appearing before the HCC subject to their appeal on order  HCC suggested that they should first address the HCC on the coercive steps  He proceeded further with his arguments referring to their three Suits filed in the Fatehgarh Court  He also referred to the no coercive order passed by Fatehgarh Saheb Court dated 4th January, 2014

4. HCC’s order for LOIL Group  Mr. Birendra Saraf who appeared on behalf of NSEL objected that Mr. Setalvad is arguing on the merits of matter rather than arguing on coercive steps as directed by HCC  Mr. Setalvad further argued that LOIL is entitled to rendition of accounts before Fatehgarh Saheb Court  HCC stated that until the accounts are submitted HCC will not be in a position to facilitate any mutual settlement between the parties  Mr. Setalwad then submitted that since the suit for rendition of accounts is pending before Fatehgarh Saheb Court only that court has the power to call for documents & adjudicate on the same

5. Conclusion  HCC observed that LOIL group had the option of not filing their documents & to refuse for any mutual settlement  Hence, in this scenario HCC will have to make a recommendation to Bombay High Court that LOIL group is not ready to submit the documents  Therefore the liability will have to be determined on the basis of the documents as submitted by NSEL  Matter is adjourned to 30th November 2015

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