NCLT Approves National Spot Exchange’s Settlement Scheme With Traders

The Mumbai bench of the National Company Law Tribunal on Friday approved a settlement scheme between the National Spot Exchange Ltd and a group of traders, bringing to a close more than a decade of litigation for its parent, 63 moons technologies.

Of the 5,682 traders involved, 92.81% voted in favour of the proposal, NSEL said in a notice to stock exchanges. The approved settlement provides for a payout of ₹19.50 billion to traders in exchange for the withdrawal of all legal proceedings against the group.

NSEL added that it had earlier paid ₹1.79 billion in August 2013 to 7,053 traders with outstanding dues of less than ₹1 million.