August 05, 2013 / 11:37 IST
SP Tulsian of sptulsian.com told CNBC-TV18, "We have seen the guarantee fund which they were indicating maybe a couple of days back at about Rs 800 crore and found to be Rs 60 crore, so one can understand these are just the false promises and assurances. Even in the commodity if you see they have been talking of Rs 6,200 crore commodity now being held and now yesterday they have given a scheme that 8 parties are willing to pay close to Rs 2,200 crore and the 13 parties which have the payment obligation of Rs 3,100 crore are asking for a 5 percent weekly payment, that means they want about 5 months time. So I think this is just wishy-washy, nothing is going to happen and I am quite apprehensive.”
Also Read - NSEL proposes settlement; says members will pay Rs 2181cr“This is a clear-cut case of the wrong instruments having launched by the NSEL which is owned 99 percent plus by Financial Technologies, so I am not hopeful. Let me be very clear that we are going to see some payment. Whether that payment will be Rs 2,000 crore, Rs 3,000 crore, I will not be able to say that. What is the time span? Whether that will come in the next 3-6 months? When you hear from the people there is a big problem which is emerging,” he added.“There is one company National Bulk Handling Corporation (NBHC) of Financial Technologies who have been acting as a collateral agent. So people have been talking that there is overlap of the same inventory being held by the bank on which they have financed, plus the NSEL, plus the individual ownership. I think it is very confusing, so I will not rely on this Rs 2,200 crore which were to be received from eight parties for which they have been given a deadline of 15 September. So I am keeping my negative stance on Financial Technologies and that is going to have very serious implications and repercussions on the financials and working of the company." Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
