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.

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