NSEL with the support of its parent company 63 moons technologies limited had filed a Scheme of Settlement before the Hon’ble National Company Law Tribunal (NCLT), Mumbai, for a one-time amicable full and final settlement with 5682 traders. The OTS was originally proposed by the NSEL Investors Forum (NIF), an association representing large number of traders.
As per the Scheme of settlement, an amount of Rs. 1,950 crores shall be paid to 5682 traders in proportion to their outstanding as on 31st July, 2024. This settlement would mean closure of legal cases against the group along with assignment of all rights of traders in favour of 63 moons.
NCLT vide its order dated 8th April, 2025 had ordered e-voting of the traders on the proposed resolution for approving the scheme of settlement. NCLT appointed Mr. Ashwini Gupta (Company Secretary) as Scrutinizer and Mr. Mukesh Mital (Retd. IRS) as Chairperson to oversee the evoting. The voting commenced on 17th April, 2025 and concluded on 17th May,2025
The report on results of e-voting submitted by the Scrutinizer and approved by the Chairperson on 19th May, 2025 states that a whopping 92.81% of traders in number and 91.35% in value voted in favour of the resolution thereby giving their assent to the scheme of settlement.
This settlement would bring major relief for the traders whose monies were stuck in the NSEL payment crisis which happened in July 2013. The delay in justice to the traders is also due to the failure of Mr. Ramesh Abhishek, the then chairman of Forwards Markets Commission (FMC), who despite having powers and admissions from the defaulters, did not take timely actions against them.
Infact, Mr. Ramesh Abhishek acting under the instructions from the then Joint Secretary in the Department of Economic Affairs, Mr. K.P. Krishnan, and Mr. P. Chidambaram, the then Finance Minister, created, aggravated the NSEL crisis and didn’t solve while it was solvable.
Apart from ordering closing of the running exchange pending legal opinion, Mr. Ramesh Abhishek kept taking series of illegal actions against the group, of which majority of them are now eventually getting overturned by the Hon’ble Supreme Court.
Back in August 2013 also, NSEL with the support of 63 moons had paid around Rs. 179 crores, thereby giving reliefs to 7053 smaller traders with outstanding of less than Rs. 10 lakhs. 63 moons has once again stood up for the cause of traders.
Mr. Neeraj Sharma, MD & CEO of NSEL, applauded the work by NSEL Investors Forum (NIF) who took up the cause for the traders and initiated discussion for a possible one-time settlement for the benefit of the traders.
Dr. Sharad Kumar Saraf, Chairman of NIF, expressed his satisfaction at the results of e-voting: 92.81% specified creditors in favour of the settlement. This shows the overwhelming number of investors are interested in the settlement to get at least part of their investment back.
According to Dr. Saraf, this is the major step in distribution of money to the specified creditors.
Mr. S. Rajendran, MD & CEO of 63 moons, stated that this will be the first-ofits-kind settlement and with support from the Central and the State Government, 63 moons is confident that the settlement will go through