Jignesh Shah promises to repay dues; meets Arvind Mayaram

Promoter of the National Spot Exchange (NSEL), Jignesh Shah met the economic affairs secretary Arvind Mayaram on Monday. After the meeting, he admitted that mistakes have been made, but promised to repay the dues to investors.

Mayaram is leading the panel that is probing the NSEL default mess. The department of economic affairs will analyse its findings from the two sub-committees .

Earlier in the day, in its first official announcement of the physical verification of the goods from warehouses, the Forward Markets Commission (FMC) said that only 15 percent of stock was found in 16 warehouses registered by the NSEL. The valuations of these stocks were to the tune of Rs 358 crore, while the spot exchange had stated the value of the stocks in warehouses at Rs 2,389 crore.

The investors' forum had also objected to any move by promoter Jignesh Shah to sell  substantial part of his shareholding in Financial Technologies .

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