NSEL investors forum to appeal against High Court Order

MUMBAI: Stung by comments of a Bombay High Court judge that investors were aware of fictitious trades on the now-defunct National Spot Exchange Ltd (NSEL), a forum comprising around 2,500 investors is proposing to appeal against the order in the Supreme Court.

“We have sought the advice of advocate Amit Desai about appealing against the HC order granting bail to Jignesh Shah in the Supreme Court as the judge, it appears, has gone beyond the plaint and cast doubt on the bonafides of the investors,” said Sharad Saraf, an investor who heads the NSEL Investors Forum (NIF).

He added that NIF, in this context, was also considering to “seek redress” from Bombay HC chief justice Mohit Shah.