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HOME DEPARTMENT

2ndFloor, Main Building, Hutatma Rajguru Chowk, Madam Cama Road,

Mantralaya, Mumbai 400 032, dated the 2nd January 2019

NOTIFICATION

No. MPI 1118/C.R. 1239/POL-11(Part I).—Whereas, complaints were received from a number of

depositors against National Spot Exchange Limited, FT Tower, CTS No. 256 and 257, Suren Road,

Chakala, Andheri (East), Mumbai 400 093 (hereinafter referred to as “the said Financial

Establishment”) that it had collected money by promising attractive returns to depositors but failed to

return the deposits when the time for repayment came;

And whereas, Mr. Pankaj Ramnaresh Saraf, residing at 182 Venus Apartments, Cuffe Parade,

Mumbai 400 005 had lodged a complaint at MRA Marg Police Stations and

criminal

case

bearing CR No. 216/13 was registered under sections 120(B), 409, 465, 467, 468, 471, 474, 477(A) of

Indian Penal Code on 30th September 2013. The investigation of the case was taken over by the

Economic Offences Wing (EOW) Unit-V and the case was renumbered C.R. No. 89/2013. The

provisions of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act,

1999 (MPID Act) were applied on 24th October 2013.

And whereas, National Spot Exchange Ltd. (NSEL) is a company registered under The Companies

Act, 1956 on 18th May 2005 vide CIN U51100MH2005PLC153384 and having its registered office at B

Wing, 6th floor, Chintamani Plaza, Chakala, Andheri-Kurla Road, Andheri (East), Mumbai 400 099.

The company provides an electronic platform for spot trading in commodities and operates from 16

States across the country. The Company is promoted by M/s. Financial Technologies (India) Ltd.

(FTIL) (now known as 63 Moons Technologies Ltd.), which holds 99.99% of the total share capital of

the Company and the National Agricultural Co operative Marketing Federation of India Ltd., (NAFED)

which holds 0.01% of the total share capital of the company.

And whereas, Vide Notification S.O.No. 906(E) dated June 5, 2007, the Department of Consumer

Affairs, Ministry of Consumer Affairs, Government of India (“DCA”) granted conditional exemption to

the said Financial Establishment from the operation of the Forward Contracts (Regulation) Act, 1952

(“FCRA”) for all forward contracts of one day duration for the sale and purchase of commodities traded

on its platform.

And whereas, the said Financial Establishment started its full-fledged operation around 15th

October 2008. The exchange launched its first trader contract namely “Silver / Gold in Intra – trading”

in Kolkata. Thereafter it launched different types of contracts like Farmer Contract, Paired Contract

and E-Series Contract. Subsequently in 2009, the said Financial Establishment starting trading in T+2

and T+25 days contracts which were traded together and were called paired contracts. On T+2, the

buyer/investor would enter into a contract to buy the commodities with T+2 delivery cycle.

Simultaneously the buyer/investor would also enter into a contract to sell the commodities with T+25

delivery cycle with the same party as the first contract. The T+2 and T+25 paired contracts were first

allowed by the said Financial Establishment in September, 2009 and the Board of Directors of the said

Financial Establishment ratified the paired contracts on 16th November 2009. By the year 2013, 99%

of the turnover of the spot exchange comprised paired contracts, almost unconnected with genuine

spot transactions in commodities.

The Department of Consumer Affairs (DCA) vide its letter dated 12th July 2013 directed NSEL to

give an undertaking that a) No further/fresh contracts shall be launched by NSEL until further

instructions from concerned authority; and b) All the existing contracts will be settled on the due dates.

NSEL vide its letter dated the 22nd July 2013 submitted an undertaking which was completely in

contrast to the undertaking called for by DCA. When the Forward Markets Commission issued show

cause notices regarding the paired contracts and sought explanation from the said Financial

Establishment, the said Financial Establishment vide its circulars dated 16th July, 2013 and 22nd July

2013 announced the suspension of launching of any new commodity, product or new center and

reduced the settlement and delivery period of existing contracts to T+10 days and made them ‘trade to

trade’. On 31st July 2013, the said Financial Establishment unilaterally announced that trading in all

contracts, (except e-series contracts) was suspended and that it had been decided to merge the

delivery and settlement of all pending contracts, and defer the same for a period of 15 days. The said

Financial Establishment violated the terms and conditions specified in the Notification dated 5th June

2007 of the Department of Consumer Affairs, Government of India.

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By unilaterally closing down the exchange the said Financial Establishment defaulted in

repayment of approximately Rs. 5600 crores which was due to be paid to approximately 13000

investors. Since, the money collected by the said Financial Establishment from the investors falls

under the definition of “deposit” as per section 2 (c) of the MPID Act, the provisions of MPID Act are

applicable to the present case. Since, the said Financial Establishment has accepted the money from

the investors, it falls under the definition of “Financial Establishment” as per section 2 (d) of the MPID

Act. The provisions of the MPID Act were invoked in C.R. 89/2013.

As the said Financial Establishment does not have sufficient properties which can be attached for

the purpose of repayment of the deposits, the following provision of section 4 (1) (ii) of MPID Act “or if

it transpires that such money or other property is not available for attachment or not sufficient

for repayment of the deposits, such other property of the said Financial Establishment or the

promoter, director, partner or manager or member of the said Financial Establishment as the

Government may think fit” was invoked and the properties and monies of the Promoters, Directors,

Managers and Members of the said Financial Establishment have been attached under section 4 (1) of

the MPID Act by the Government of Maharashtra vide notifications dated 28th August 2014, 12th

March 2015, 22nd June 2015, 13th January 2016, 17th March 2016, 21st September 2016, 31st

March 2017, 4th April 2018, 7th April 2018, 11th April 2018, 19th April 2018, 15th May 2018, 24th May

2018, 21st August 2018, 19th September 2018 and 19th October 2018. However, the total value of

even the properties attached of other persons/entities who are members of NSEL, directors of NSEL

etc. are not sufficient for repayment to the depositors due to various reasons like 60 properties are

rented properties and need to be released from the attachment, 61 properties are wrongly attached,

200 properties are mortgaged properties, 9 properties are released by MPID Court, 59 properties of 2

companies wherein insolvency proceeding are going on, attachment of 178 properties has been

stayed by the Punjab and Haryana High Court and 67 properties have been attached both by the

Government of Maharashtra and the Directorate of Enforcement, only 6 properties getting auctioned

fetching Rs. 1.73 Crores whereas 14 properties valued at approximately Rs 218.90 Crores were not

purchased in auction inspite of repeated auction attempts etc.

Since, as per section 4 (1)(i) of the MPID Act, the Government has received complaints from the

depositors and is satisfied that the said Financial Establishment has failed and is not likely to return

the deposits and that the attached properties of the said Financial Establishment vide Government

Notification dated 21st August 2018 and 19th October 2018 are not sufficient for repayment of the

deposits, the properties of the said Financial Establishment i.e. M/s. National Spot Exchange Ltd. and

Directors of NSEL are liable to be attached and utilized under the provisions of Section 7 of the MPID

Act.

Now, therefore, in exercise of the powers conferred by Sub Section (1) of Section 4 and Section 5

of the Maharashtra Protection of Interest of Depositor (in Financial Establishments) Act, 1999 (MAH.

XVI of 2000)(hereinafter referred to as “the said Act”), the Government of Maharashtra hereby,

(a) Attaches the properties, along with the receivables like interest, dividend etc. linked to these

bank accounts of M/s. National Spot Exchange Ltd. and properties of Directors of NSEL as

specified in the Schedule.

(b) Appoints the Deputy Collector and Competent Authority (NSEL) to be the Competent Authority

to exercise control over the properties attached.

The Public Prosecutor in designated court appointed under the said act shall render necessary

assistance to the Competent Authority in filing the application before the Special Court.

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Schedule

The property of the said accused to be attached is as follows :—

(1) M/s. National Spot Exchange Ltd.

Add:- 6th Floor, Chintamani Plaza, Chakala, Andheri-Kurla Road, Andheri (East), Mumbai.

Details of Fixed Deposit & A/C:-

Sr.

No.

Bank Details

Account Number

Type

Balance (Rs.)

Induslnd Bank, Fort Branch

200003246232

Current Account

86,326.51

Induslnd Bank, Fort Branch

300001365840

Term Deposit

33,61,199.03

Induslnd Bank, Fort Branch

300001473170

Term Deposit

35,52,437.97

Induslnd Bank, Fort Branch

300709012770

Term Deposit

31,15,396.98

Induslnd Bank, Fort Branch

300003349954

Term Deposit

36,24,048.68

IndusInd Bank, Fort Branch

300001411790

Term Deposit

15,00,000.00

(2) Mrs. Rupal Jignesh Shah

Add:- R Square, C.T.S. No. 547, Plot No. 29, Jai Hind Societ, J.V.P.D.

Scheme, Vile Parle (West), Mumbai – 400 049.

I) Bank Details

Sr.

No.

Bank details

A/C No.

Holder Name

HDFC Bank, Vile Parle (West) Branch,

Mumbai.

03211930004186

Rupal Shah

(II) Details of Bonds

DP Account No – 17121795 with HDFC Bank, Vile Parle (west) Branch, Mumbai.

Account Type – Free Balance

Sr.

No.

–

Client ID

ISIN No.

Bond Name

Scrip Type

No.

Bond

Holder

Name

IN301549

INE031A07

980

Housing and Urban

Development

Corporation

Limited

SR-3A

TRCH-

II8.76BD13JN34FV

RS1000LOAUPTO

3AP14

5000

Rupal

Shah

IN301549

INE733E07

JG5

NTPC Limited

SR-3A

8.66BD16DC33

FVRS1000

5615

Rupal

Shah

(3) Mr. Ramnathan Devrajan

Add:- A 603, Gundecha Altura, Opp. St Xaviers School, off L.B.S. Marg,

Kanjur Marg (West), Mumbai – 400 078.

(I) Movable Property Details:-

(1) Items lying in the Locker No. 15 of IndusInd Bank Ltd, Kanjur Marg (W), Mumbai.

Sr. No.

(1)

Description

(2)

Gross Weight in Grams

(3)

Silver Kum Kum Stand (Peacock)

44.600

Two Bangles in Gold

35.500

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One Diamond Bangle in Gold

19.100

One Diamond Kada in Gold

19.200

One Necklace in Gold

36.800

One Gold Chain

16.400

One Chain with Four Pendants in Gold

67.800

One Diamond Pendant in Gold

12.000

Two Diya stands in Glass

95.400

Two Ginnis

4.400

One Silver Bowl

9.000

One Silver Coin

5.000

One Silver Laxmiji Statue

48.800

One Silver Coin

20.000

Misc. Silver Items

234.300

Silver Coins

60.000

Pure Gold Coins

70.000

Misc. Gold

72.500

Two Necklaces in Gold

29.900

One Necklace with Red Stones in Gold

24.000

One Necklace with Green Stones in Gold

21.120

One Chain and Broken Coral Necklace

27.000

Eight Bangles in Gold

104.300

One Necklace in Gold

42.100

One Bracelet with Red Imt.Stones in Gold

13.100

One Set with Red Stones Contg. Necklace, Pair of Earings

36.500

One Diamond Ring in Gold

7.300

Two Pair of Earrings & Chain in Gold

12.500

Imt Itenms

18.900

(2) Items lying in the Locker No. R 3 – 59 of ICICI Bank, Vikhroli (W), Mumbai.

Sr. No.

Description

Gross Weight in Grams

One Lot of Household Silver Utensils

1396.000

One Silver Coin

100.000

By order and in the name of the Governor of Maharashtra.

AMITABH GUPTA,

Principal Secretary (Special), to Government.

-— -2

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HOME DEPARTMENT

2nd Floor, Main Building, Hutatma Rajguru Chowk, Madam Cama Road,

Mantralaya, Mumbai 400 032, dated 2nd January 2019

NOTIFICATION

No. MPI 1118/CR No. 1239/POL-11(Part II).—Whereas, complaints were received from a

number of depositors against National Spot Exchange Limited, FT Tower, CTS No. 256 & 257, Suren

Road, Chakala, Andheri (East), Mumbai 400 093 (hereinafter referred to as “the said Financial

Establishment”), that it had collected money by promising attractive returns to depositors but failed to

return the deposits when the time for repayment came, and it had transferred money to various

companies M/s. N.K. Proteins Pvt. Ltd., M/s. M.S.R. Food Processors Ltd., M/s. Namdhari Food

International Pvt. Ltd., M/s. Lotus Refinery Pvt. Ltd., and others who were members of the said

Financial Establishment;

And whereas, Mr. Pankaj Ramnaresh Saraf, residing at 182 Venus Apartments, Cuffe Parade,

Mumbai 400 005 had lodged a complaint at MRA Marg Police Stations and a criminal case bearing CR

No 216/13 was registered under sections 120(B), 409, 465, 467, 468, 471, 474, 477(A) of Indian Penal

Code on 30th September 2013. The investigation of the case was taken over by the Economic

Offences Wing (EOW) Unit-V and the case was renumbered C.R. No. 89/2013. The provisions of the

Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (MPID Act)

were applied on 24th October 2013.

And whereas, National Spot Exchange Ltd. (NSEL) is a company registered under the

Companies Act, 1956 on 18th May 2005 vide CIN U51100MH2005PLC153384 and having its

registered office at B Wing, 6th floor, Chintamani Plaza, Chakala, Andheri-Kurla Road, Andheri (East),

Mumbai 400099. The company provides an electronic platform for spot trading in commodities and

operates from 16 States across the country. The Company is promoted by M/s. Financial

Technologies (India) Ltd. (FTIL) (now known as 63 Moons Technologies Ltd.), which holds 99.99% of

the total share capital of the Company and the National Agricultural Co-Operative Marketing

Federation of India Ltd., (NAFED) which holds 0.01% of the total share capital of the company.

And whereas, Vide Notification S.O.No. 906(E) dated June 5, 2007, the Department of

Consumer Affairs, Ministry of Consumer Affairs, Govt. of India (“DCA”) granted conditional exemption

to the said Financial Establishment from the operation of the Forward Contracts (Regulation) Act, 1952

(“FCRA”) for all forward contracts of one day duration for the sale and purchase of commodities traded

on its platform.

And whereas, the said Financial Establishment started its full-fledged operation around 15^th

October, 2008. The exchange launched its first trader contract namely “Silver / Gold in Intra – trading”

in Kolkata. Thereafter, it launched different types of contracts like Farmer Contract, Paired Contract

and E-Series Contract. Subsequently in 2009, the said Financial Establishment starting trading in T+2

and T+25 days contracts which were traded together and were called paired contracts. On T+2, the

buyer/investor would enter into a contract to buy the commodities with T+2 delivery cycle.

Simultaneously the buyer/investor would also enter into a contract to sell the commodities with T+25

delivery cycle with the same party as the first contract. The T+2 and T+25 paired contracts were first

allowed by the said Financial Establishment in September, 2009 and the Board of Directors of the said

Financial Establishment ratified the paired contracts on 16th November, 2009. By the year 2013, 99%

of the turnover of the spot exchange comprised paired contracts, almost unconnected with genuine

spot transactions in commodities.

The Department of Consumer Affairs (DCA) vide its letter dated 12th July, 2013 directed NSEL

to give an undertaking that a) No further/fresh contracts shall be launched by NSEL until further

instructions from concerned authority; and b) All the existing contracts will be settled on the due dates.

NSEL vide its letter dated 22nd July 2013 submitted an undertaking which was completely in contrast

to the undertaking called for by DCA. When the Forward Markets Commission issued show cause

notices regarding the paired contracts and sought explanation from the said Financial Establishment,

the said Financial Establishment vide its circulars dated 16^th July, 2013 and 22^nd July, 2013 announced

the suspension of launching of any new commodity, product or new center and reduced the settlement

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and delivery period of existing contracts to T+10 days and made them ‘trade to trade’. On 31st July,

2013, the said Financial Establishment unilaterally announced that trading in all contracts, (except e-

series contracts) was suspended and that it had been decided to merge the delivery and settlement of

all pending contracts, and defer the same for a period of 15 days. The said Financial Establishment

violated the terms and conditions specified in the Notification dated 5^th June, 2007 of the Department

of Consumer Affairs, Government of India.

By unilaterally closing down the exchange the said Financial Establishment defaulted in

repayment of approximately Rs. 5600 crores which was due to be paid to approximately 13000

investors. Since, the money collected by the said Financial Establishment from the investors falls

under the definition of “deposit” as per section 2 (c) of the MPID Act, the provisions of MPID Act are

applicable to the present case. Since, the said Financial Establishment has accepted the money from

the investors, it falls under the definition of “Financial Establishment” as per section 2 (d) of the MPID

Act. The provisions of the MPID Act were invoked in C.R. 89/2013.

As the said Financial Establishment does not have sufficient properties which can be attached

for the purpose of repayment of the deposits, the following provision of section 4 (1) (ii) of MPID Act

“or if it transpires that such money or other property is not available for attachment or not

sufficient for repayment of the deposits, such other property of the said Financial

Establishment or the promoter, director, partner or manager or member of the said Financial

Establishment as the Government may think fit” was invoked and the properties and monies of the

Promoters, Directors, Managers and Members of the said Financial Establishment have been attached

under section 4 (1) of the MPID Act by the Government of Maharashtra vide notifications dated 28^th

August, 2014, 12^th March, 2015, 22^nd June, 2015, 13^thJanuary, 2016, 17^th March, 2016, 21^st

September, 2016 , 31^st March, 2017, 4^th April, 2018, 7^th April, 2018, 11^th April, 2018, 19^th April, 2018,

15^th May, 2018, 24^th May, 2018, 21^st August, 2018, 19^th September, 2018 and 19^thOctober,2018.

However, the total value of even the properties attached of other persons/entities who are members of

NSEL, directors of NSEL etc. are not sufficient for repayment to the depositors due to various reasons

like 60 properties are rented properties and need to be released from the attachment, 61 properties

are wrongly attached, 200 properties are mortgaged properties, 9 properties are released by MPID

Court, 59 properties of 2 companies wherein insolvency proceeding are going on, attachment of 178

properties has been stayed by the Punjab and Haryana High Court and 67 properties have been

attached both by the Government of Maharashtra and the Directorate of Enforcement, only 6

properties getting auctioned fetching Rs. 1.73 Crores whereas 14 properties valued at approximately

Rs. 218.90 Crores were not purchased in auction in spite of repeated auction attempts etc.

Since, as per section 4 (1)(i) of the MPID Act, the Government has received complaints from

the depositors and is satisfied that the said Financial Establishment has failed and is not likely to

return the deposit and that the attached properties of the said Financial Establishment are not

sufficient for repayment of the deposits, the properties of the companies, being members of the said

Financial Establishment i.e. M/s. National Spot Exchange Ltd., its directors and of persons/entities to

whom money has been transferred by the members, are liable to be attached under section 4 and

section 8 and utilized under the provisions of section 7 of the MPID Act.

Now, therefore, in exercise of the powers conferred by sub-section (1) of section 4, section 5

and section 8 of the Maharashtra Protection of Interest of Depositor (in Financial Establishments) Act,

1999 (MAH. XVI of 2000)(hereinafter referred to as “the said Act”), the Government of Maharashtra

hereby,—

(a) Attaches the properties of the companies, being members of M/s. National Spot Exchange

Ltd., its directors as specified in the Schedule.

(b) Appoints the Deputy Collector and Competent Authority (NSEL) to be the Competent Authority

to exercise control over the properties attached.

The Public Prosecutor in designated court appointed under the said act shall render necessary

assistance to the Competent Authority in filing the application before the Special Court.

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Schedule

The property of the said accused to be attached is as follows :—

(1) M/S. N.K.PROTEINS PVT. LTD.

Address :- 2, 3, 7 & 9^th floor, Popular House, Ashram Road, Ahmedabad.

(I) Detail Of Amount :—

Sr.

No.

Bank details

A/C No.

Amount

Holder Name

Bank of India,

D. N. Road

branch,

Mumbai

00172011001136

Rs. 12 crores transfer from the

account of the N K Protiens as per

the Court order dt. 16/11/2017 in

Criminal Writ Petition No. 3807/17.

Competent

Authority

MPID (NSEL)

(2) M/s. MSR Food Processing

Address:- Survey No. 332/A, Hasanparthy, Dist. Warangal – 506371.

(I) Immovable Property Details :—

Sr.

No.

Type

Location Details

Area

Owner Name

House

Property bearing Municipal

Nos. 2-4-121 (Part) and 2-4-

121/1 (Full), Ramnagar,

Hanmakonda, Warangal

District

State : Telangana

Extent : 443.00 Square Yards

(or) 370.39 Square Meters

Mechineni

Sampath Rao

(3) M/s. Namdhari Rice & General Mills

Add:- Dabwali Road, Sri Jivan Nagar, Sirsa, Haryana.

(I) Bank Details :—

Sr. No.

Bank details

A/C No.

Holder Name

Axis Bank, Sirsa, Haryana

913020010425801

Namdhari

Rice

General Mills

Bank of Baroda, Raniya branch,

Haryana

21200200000088

Namdhari

Rice

General Mills

Punjab National Bank, Sri Jiwan

Nagar, Raniya, Sirsa, Haryana

4562002100001483

Namdhari

Rice

General Mills

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ +ºÉÉvÉÉ®úhÉ ¦ÉÉMÉ SÉÉ®ú-¤É, VÉÉxÉä´ÉÉ®úÒ 3, 2019/{ÉÉè¹É 13, ¶ÉEäò 1940

(II) Immovable Property Details :—

Sr.

No.

Property Details

Type of

property

Khevat / Survey

No.

Area in

Kille &

Kanals

Owner

Name

Hadbast No. 124, 126-27,

Village – Jivan Nagar,

Tehsil – Raniya,

District – Sirsa

State - Haryana

Land

2300

17-5-0

Jaspal

Mahendra

Singh

2349

-11-3-6

2349

13-13-6

Hadbast No. 124, 126-27,

Village – Jivan Nagar,

Tehsil – Raniya,

District – Sirsa

State - Haryana

Land

1901

16-10-0

Daljit

Mahendra

Singh

2299

17-5-0

2349

13-13-6

2349

-40-1-6

2350

0-19-0

2350

8-12-3

(4) M/s. Lotus Refineries Pvt Ltd.

Address:-402, 4 th floor, Town Centre II, Andheri-Kurla Road, Andheri

(East), Mumbai.

I ) Movable Property Details :—

Sr.

No.

Vehical details

Vehical No

Owner Name

Motor Car Mercedes Benz

Registered at – Thane RTO. Maharashtra.

MH04FK 5566

Arun Kumar Sharma

By order and in the name of the Governor of Maharashtra,

AMITABH GUPTA,

Principal Secretary (Special), to Government.

ON BEHALF OF GOVERNMENT PRINTING, STATIONERY AND PUBLICATION, PRINTED AND PUBLISHED BY I/C DIRECTOR SHRI MANOHAR SHANKAR GAIKWAD, PRINTED AT

GOVERNMENT CENTRAL PRESS, 21-A, NETAJI SUBHASH ROAD, CHARNI ROAD, MUMBAI 400 004 AND PUBLISHED AT DIRECTORATE OF GOVERNMENT PRINTING,

STATIONERY AND PUBLICATION, 21-A, NETAJI SUBHASH ROAD, CHARNI ROAD, MUMBAI 400 004, EDITOR : I/C DIRECTOR SHRI MANOHAR SHANKAR GAIKWAD.