The Bombay High Court on Wednesday asked the Chairman of Forward Markets Commission and Director of Enforcement Directorate to appear before it on May 7, so that it can take decision about the liquidation of assets of National Spot Exchange, which is embroiled in Rs5,600 crore scam.
The court of Justice S A Kathawala will sit at an unusual time of 9.30 am on May 7 specially to hear the matter. The Judge also asked the officials of Economic Offences Wing (EoW) and ED whether they had any objection if properties attached in the NSEl scam were sold and the proceeds deposited with the court.
The issue cropped up in a case filed by Mohan India, an NSEl investor. The court suggested selling of the attached properties and giving the money to investors. “Why you are raising technical objectionIJ The property was purchased from the investors’ money and by selling it the money should be given back to investors,” Justice Kathawala said. While an official of EoW said he had no objection, the deputy director of ED said the settlement would have to be done as per the Prevention of Money laundering Act.