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63 Moons Approves ₹1,950 Crore One-Time Settlement with NSEL Investors Forum

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Synopsis:

63 Moons Technologies approved a ₹1,950 crore One-Time Settlement with NSEL Investors Forum to address unpaid claims from the 2013 crisis. The company will pursue recoveries through legal avenues.

 

In a significant development, 63 Moons Technologies announced the approval of a ₹1,950 crore One-Time Settlement (OTS) proposed by the NSEL Investors Forum (NIF). This settlement aims to resolve long-pending claims linked to the 2013 collapse of the National Spot Exchange Limited (NSEL), marking a crucial step in addressing trader grievances.

Also read:  HBL Power Secures ₹1,552 Crore TCAS Equipment Order for 2,200 Locomotives

63 MOONS TECHNOLOGIES LTD

Trade

895.542.59 (4.99 %)

Updated - 16 December 2024
895.50day high
DAY HIGH
895.50day low
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67706
VOLUME (BSE)

Key Takeaways

  • OTS Amount: ₹1,950 crore.

  • Stakeholder: NSEL Investors Forum represents affected traders.

  • Outcome: Assigns recovery rights to 63 Moons for pursuing defaulters.

  • Timeline: Settlement scheme to be filed by February 2025.

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Settlement Details And Timeline

The approved settlement involves a ₹1,950 crore payout, facilitating the closure of legal proceedings related to unpaid claims. As part of the agreement, NIF will transfer all rights and claims of affected traders to 63 Moons. This transfer enables the company to pursue defaulters through decrees and liquidations.

The implementation timeline is structured as follows:

Milestone

Deadline

Drafting the Settlement Scheme

January 15, 2025

Reviewing the Scheme

January 30, 2025

Filing with Judicial Forum

February 15, 2025

The scheme requires legal clearances and compliance with safeguards to protect 63 Moons’ interests.

Implications For 63 Moons And Investors

This decision is expected to bring closure to the prolonged financial dispute while allowing 63 Moons to streamline its recovery efforts. By focusing on asset liquidation and enforcing decrees, the company aims to recover substantial dues from defaulters. The development is likely to have a direct impact on the 63 Moons share price, with stakeholders closely monitoring progress.

The resolution of these claims aligns with 63 Moons’ strategic objectives, ensuring financial stability and reducing legal liabilities.

The ₹1,950 crore One-Time Settlement approved by 63 Moons is a decisive step towards resolving the NSEL crisis. With a clear timeline and legal oversight, the company is poised to address unpaid claims, paving the way for financial recovery and stakeholder relief.

Also read: Dixon Technologies Targets 40% Annual Revenue Growth With New Joint Ventures

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Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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