Mohan India to pay Rs 771cr; EOW cracks whip on borrowers

Mohan India, which has the second largest exposure to debt ridden spot exchange, NSEL, has come to terms with its settlement agreement.

Mohan India has reached an agreement to facilitate Rs 771 crore over a period of 1 year as part of the final closure/ settlement obligation. It had an outstanding of Rs 950 crore and was supposed to have collateralised the borrowing with sugar. However, there was no sugar in the exchange accredited warehouses. Also read: BSE to drop Financial Tech from SLB segment from Nov 8 It will be making a down payment of Rs 11 crore initially and pay the remaining amount throughout the year after securitizing land and property. It is likely to securitize 500 acres of land near Bikaner in Rajasthan and 14000 sq yards bungalow in Civil Lines, New Delhi. CNBC-TV18 learns that other borrowers are also in talks with NSEL for a final settlement, although no names have been confirmed till now. With NK protein’s Nilesh Patel’s magistrate hearing tomorrow, it could also chalk out a similar settlement plan, sources say. Meanwhile, the Mumbai Police has fast tracked the attachment process. They have finalised their list of assets and properties and are likely to send the list to the MPID (Maharashtra Protection of Interest of Depositors) court by the end of the week. Three flats worth Rs 6 crore belonging to Amit Mukherjee, VP, business development, NSEL could be attached. The police is also examining Anjani Sinha’s flats in Navi Mumbai for attachment. Even personal properties like car, house of Jai Bahukhandi, former VP of warehousing of the exchange is also under scanner. Even Borrowers are facing similar heat. More than 15 properties of several borrowers have been identified for attachment, which included around 25 properties and assets of ARK imports. Currently, borrowers like PD Agro and Lotus refinery are being questioned by the Mumbai Police.