Thursday, 3 October 2013

NSEL probe: No warehouse sealed by EOW, says NBHC - Economic Times

MUMBAI: National Bulk Handling Corporation Ltd (NBHC) today said the Economic Offences Wing (EOW) of Mumbai police has not sealed any of its warehouses.

NBHC is a part of the Financial Technologies Group, which also controls the troubled National Spot Exchange Ltd (NSEL) which is facing Rs 5,600 crore payment crisis at present.

"Officials of EOW have not sealed any of the warehouses of NBHC and all commercial activities are progressing as normal and none of the other depositors have been restricted by any authority to carry out their commercial activities," NBHC said in a statement here, reacting to media reports.

EOW-Mumbai officials visited three warehouses on Monday/ Tuesday and carried out investigations pertaining to the stocks of NSEL and Indian Bullion Market Association (IBMA), NHBC said.

The investigation is specifically restricted to their stocks only. Moreover, the officials of EOW have seized the stocks of NSEL/ IBMA only, which have been handed over by the authorities to NBHC as its custodian, till further instructions from them," it said in a release.

"We further clarify that all our warehouses are working without any restrictions, including the two warehouses i.e. at Ganj Basoda and Vidisha. The warehouse at Delhi -- Sunil Dutt Warehouse -- is under lease to IBMA and has total capacity of approx 138.6 MT. The stocks belong to IBMA and this warehouse has been given to NBHC for warehouse management services (WMS) only," the NBHC added.

The company has under its management over 1,140 warehouses across the country.

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