Sep 14, 2013, 04.53 PM | Source: CNBC-TV18
While the RBI is examining whether NSEL can be considered as an NBFC or not, Sebi is examining whether the NSEL's scheme can be considered a ponzi scheme.
Varinder Bansal (more)
Head - Research, CNBC-TV18 |
While the RBI is examining whether NSEL can be considered as an NBFC or not, Sebi is examining whether the NSEL's scheme can be considered a ponzi scheme. FMC sources also tell CNBC-TV18 that they want ED to undertake criminal investigations on NSEL & its directors. This may lead to fit & proper status of the NSEL promoters coming under risk.
In another interesting finding where Grant Thornton, who has undertaking forensic audit in NSEL has submitted its preliminary finding. The preliminary reports indicate that the borrowers were defaulting since last two years and NSEL was carrying its normal business even post the borrower defaulting.
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