63 Moons Technologies’ Board of Directors has approved a one-time settlement (OTS) of Rs 1,950 crore as proposed by the NSEL Investors Forum (NIF). The decision, finalized in the Board meeting held on December 14, 2024, highlights overwhelming support from the unpaid claimants involved in the National Spot Exchange Limited (NSEL) case.
Key highlights of the settlement:
- Approval Scope: The OTS entails the closure of certain legal proceedings against the company and assigns all claims/rights of NSEL traders to recover dues from defaulters through attached assets or liquidation.
- Timeline for Settlement:
- January 15, 2025: Settlement scheme to be prepared.
- January 30, 2025: NIF to review and provide comments, if any.
- February 15, 2025: Filing of the settlement scheme in the judicial forum.
The settlement approval follows overwhelming participation from unpaid claimants, both in terms of number and value, affirming the proposal’s legitimacy. The Board has also authorized legal consultations to expedite the process.
