Investors withdraw consent for settlement with 63 Moons
Subscribe to enjoy similar stories. MUMBAI : Even as one group of National Spot Exchange Ltd (NSEL) investors withdrew consent for the proposed one-time settlement (OTS) with 63 Moons Technologies Ltd, another group has claimed substantial support to see the much-awaited resolution through. The NSEL Investor Action Group (NIAG), which withdrew the consent after an emergency meeting on 6 December, accused 63 Moons of violating the foundation of the settlement talks by seeking permission to access ₹300 crore from attached assets without consulting the group.
However, the NSEL Investors Forum (NIF) has claimed that it has secured the support of investors, having approximately 64.5% in value of the outstanding claims, equating to over ₹3,000 crore. To achieve a settlement, the consent of investors having more than 75% in value of the outstanding dues is required. A formal vote was scheduled from 11 November to 9 December.
In a statement on 9 December, the group expressed confidence that it will secure the support of the majority. The NIF reported that only 1.71% of investors, representing ₹79.47 crore, have withdrawn their consent, and those withdrawals have already been factored into the tally. To be sure, 63 Moons had filed an application in the Maharashtra Protection of Interest of Depositors (MPID) court, seeking access to ₹300 crore of attached assets.
The request was made to cover operational expenses, with the company offering ₹300 crore worth of securities as collateral. This move, however, did not sit well with the NIAG, which accused 63 Moons of breaching an agreement to refrain from accessing any assets until the settlement was finalized. The application is scheduled to be heard on 23 December.
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