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Commentary

NSEL Couldn’t Even Make the First Payout, Management is Sacked

Aug 20, 2013

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I’d noted yesterday that NSEL had received just Rs. 81 cr. of the 174 cr. it was supposed to pay out today. Turns out they didn’t get much more; they ended up paying Rs. 92 cr. only.

NSEL’s board has now fired the CEO, Anjani Sinha, and many top executives. Sinha will consult alongside for helping with the recovery. PR Ramesh will take over as the new CEO.

A forensic audit firm will be appointed by Friday.

Meanwhile the FMC has asked that NSEL not pay the IBMA any money not further payable to IBMA members (which are third party) – that is, to withhold any money payable to IBMA itself (which is owned by NSEL, partly).

FMC has demanded a detailed list of all payouts to IBMA members be listed. (Strangely even Sahara Q shop is one of the entities that must receive money).

You can call NSEL about this – they’ve listed a number as 022-67619922 for you to contact.

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