Aastha Minmet’s Botched Effort to Recover Amount Overdue on NSEL
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Transcript of Aastha Minmet’s Botched Effort to Recover Amount Overdue on NSEL
Outline •Rough Guide
•High Court Commands
•Bidding Process delayed
•CA laid low on decisions
•To Conclude
Rough guide • Aastha Group, an Indian based Multinational
Company
• Aastha Group has its manifestation around the world
• Juggernaut projects is also a part of the Aastha
Cont...
• Juggernaut is their first-generation business group
• The company has profit-making interest in varied sectors; i.e. steel, minerals, energy, agro, IT and education.
• The Aastha website presently lists only Aastha Minmet and Aastha Alloycrop as a part of the group.
High Court commands
• Aastha Minmet swindled money on the trading
platform of National Spot Exchange Limited.
• High Court ordered Aastha Minmet to trade on raw
materials and remunerate money to the Exchange.
Contd.…
• High Court Committee handed the charge of
trade to a Competent Authority, Ajit Sakhare.
• As a momentum, it was the responsibility of
Competent Authority, Ajit Sakhare to start bidding
on the raw material; TMT Bars.
Bidding Process delayed
• The bidding process should be on the go when order was
passed but the process was deferred by the Competent
Authority.
• Recently, as per the advertisement posted in the
newspapers, Aastha Minmet has finally decided to give
away their TMT Bars.
Cont….
• Bidders were invited for the sale of TMT Bars to
the warehouse of the Aastha Minmet which is
located near Shree Balaji TMT Road Mills, Andhra
Pradesh.
• Buying these TMT Bars will enable the company
to recompense the dues of the National Spot
Exchange Limited.
CA laid low on the decisions
• If the goods are hoarded at the utmost, value of the merchandise is
depreciated.
• It was the responsibility of the Competent Authority to start the bids
over a product as soon as they receive the court orders.
Cont...
• Why Competent Authority laid low on the
decisions when a huge amount is involved in the
crisis?
• Anyway, it is never too late. A step forward taken
by Ajit Sakhare and the Defaulter of the Exchange
will help the platform to receive the money
quickly.
To Conclude
• Aastha Minmet Pvt. Ltd. and Juggernaut Projects are among the
major defaulters in the National Spot Exchange Limited case.
• The group is alleged to have defaulted to the tune of Rs. 250
crores in the crisis.
• Delay in decisions made by Competent Authority has made the
exchange suffer in the market.
cont…..
• NSEL Defaulters are out on bail and no strong
judgments are made on them.
• Default amount is yet to be recovered by the
Court.