63 Moons Technologies’ shares hit a 5% upper circuit after the Board of Directors approved a Rs 1,950 crore one-time settlement (OTS) proposed by the NSEL Investors Forum (NIF). The decision, finalized during the Board meeting on December 14, 2024, marks a significant step towards resolving the long-standing National Spot Exchange Limited (NSEL) case.
Key Highlights of the Settlement
- Approval Scope: The OTS involves settling legal proceedings against the company and transferring all claims and recovery rights of NSEL traders to defaulters’ attached assets or liquidation.
- Timeline:
- January 15, 2025: Draft settlement scheme to be prepared.
- January 30, 2025: NIF to review and provide feedback.
- February 15, 2025: Settlement scheme to be filed with the judicial forum.
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