The beleaguered National Spot Exchange (NSEL) has been asking Nafed to clear dues but to no avail.
MD and CEO of NSEL Saji Cherian says , his organization has provided the Nafed with all possible details about the services it has rendered to it yet the cooperative has been delaying the payment of dues. This has only made matters worse denying us the prospects of paying our investors, Cherian said.
Meanwhile, the Nafed has hurled accusation at the NSEL that it has supplied low quality cotton thus causing it a loss of Rs. 12 crore. And this is one of the reasons it has asked for 12 percent reduction in its dues payable to the NSEL.
However, sources say the Nafed has told the Nsel it would repay dues once it gets the first installment of Rs 500 crore ” market stabilization fund ” the Ministry of Agriculture has allocated for it.
