NSEL case: MIPD court includes top brass of broking firms as accused
The MPID (Maharashtra State Depositors Protection of Interests) Special Tribunal on Thursday included Nirmal Jain, director of India’s Infoline Commodities, Preeti Gupta, director of Commodities Anand Rathi and Chinni George, director of Geojit Comtrade, accused in the payment of National Spot Exchange. default crisis.
In addition, the court also charged Rob Kishore Putra, Director of ARCL, Anand Rathi Commodities and Manish Gupta, Director of Geojit Comtrade.
In an application, NSEL asked the MPID Special Court to take note and issue proceedings against the directors and promoters of the three commodity brokerage entities in light of the legal jurisdiction of Section 3 of the MPID Act.
In its order, the MPID Special Court said that, in view of the documents submitted, it was clear to indicate that the lead promoter and director of the brokerage firms had been removed from the list of charges by the investigating officer, despite the legal jurisdiction of Section 3 of the MPID Act without compelling reasons being provided during People in a similar situation were designated as accused.
“The statements of the witnesses referred to above, would indicate that the brokers misrepresented the investors regarding the high returns and prompted them to trade on the NSEL platform,” it said.
The total number of defendants in the NSEL case to date is 220 in 11 charge sheets filed by EOW.
Last year, SEBI declared India Infoline Commodities, Anand Rathi Commodities, Motilal Oswal Commodities, Geojit Commodities and Philip Commodities as unfit and unfit persons and revoked their application to register as brokers.