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Business Standard
5 days ago
- Business
- Business Standard
Jhunjhunwala family-backed firm's stock slides 4% after large trades
Shares of Inventurus Knowledge Solutions declined over 4 per cent on Thursday following a block deal in which a 1.5 per cent stake changed hands. The Jhunjhunwala family-backed company's stock fell as much as 4.19 per cent during the day to ₹1,632 per share, after an 8 per cent decline in the previous session. The stock pared some losses to trade 3.3 per cent lower at ₹1,647 apiece, compared to a 0.07 per cent advance in Nifty 50 as of 10:15 AM. Shares of the company fell for the second straight day and have declined 11 per cent since Wednesday. The counter has fallen 14 per cent this year, compared to a 5 per cent advance in the benchmark Nifty 50. Inventurus Knowledge Solutions has a total market capitalisation of ₹28,333.59 crore, according to BSE data. Track LIVE Stock Market Updates Here Inventurus Knowledge Solutions block trade About 2.53 million shares, or a 1.5 per cent stake of the company, changed hands in a block deal on Thursday, according to Bloomberg data. The buyers and sellers of the transaction were not known immediately. However, news reports showed that multiple individual sellers are looking to sell up to 1.5 per cent stake each via block deals in the Jhunjhunwala family-backed company. The floor price of ₹1,650 was set for the transaction, a 2.6 per cent discount to Wednesday's closing price. Promoters of the company include Ashwini Gupta, Rekha Rakesh Jhunjhunwala, Rajeshkumar Radheshyam Jhunjhunwala, and Rajeev Purshottamdas Gupta. Through various trusts, such as the Nistha Jhunjhunwala Discretionary Trust and the Aryavir Jhunjhunwala Discretionary Trust, total promoter and promoter group holdings stood at 63.72 per cent as of the March quarter, according to BSE data. Inventurus Knowledge Solutions Q4 results The company reported a net profit of ₹147.80 crore for the quarter ended March 2025, a rise of 132.50 per cent from ₹63.57 crore in the same quarter of the previous year. Revenue increased by 16.78 per cent to ₹723.96 crore, compared with ₹619.96 crore in the March 2024 quarter. About Inventurus Knowledge Solutions Inventurus Knowledge Solutions specialises in healthcare operations and analytics, providing solutions that optimise revenue cycle management (RCM) and improve operational efficiency for clients in the US healthcare sector. ALSO READ: The company offers a comprehensive platform that enables healthcare enterprises across outpatient and inpatient care organisations, enabling healthcare organisations to deliver superior clinical careimprove population health outcomes, and transition to the fee-for-value model.
Mint
20-05-2025
- Business
- Mint
Scam-tainted NSEL's ₹1,950 crore one-time settlement gets investor nod
An overwhelming majority of the affected traders have voted in favour of a proposed ₹ 1,950 crore one-time settlement with the National Spot Exchange Ltd (NSEL), paving the way for potentially ending the 13-year-old payments crisis. The settlement—filed by NSEL with the backing of its parent 63 Moons Technologies before the National Company Law Tribunal (NCLT)—received support from 92.81% (5,682 traders) of the traders by number and 91.35% by value, according to a statement by the exchange. The e-voting process concluded on 17 May. NSEL's collapse in 2013 had left over 13,000 investors with claims amounting to ₹ 5,600 crore. While some payouts have been made over the years, larger investors await final settlement. The latest proposal, introduced in November 2024, seeks to distribute ₹ 1,950 crore—roughly 42% of the ₹ 4,650 crore still owed—subject to final approval. 'This is the major step in the distribution of money to the specified creditors,' said Sharad Kumar Saraf, chairman of the NSEL Investors Forum (NIF). The voting results reflect an overwhelming interest among investors to recover at least part of their investments, he said. Originally proposed by the NIF, the scheme seeks to compensate traders in proportion to their outstanding dues as of 31 July 2024. Once implemented, it will also lead to the withdrawal of ongoing litigation and the assignment of all creditor rights to 63 Moons. The NCLT in its 8 April order had directed the e-voting process and appointed Ashwini Gupta as the scrutinizer and retired IRS officer Mukesh Mital as chairperson. S. Rajendran, managing director and chief executive of 63 Moons, expressed optimism that the 'first-of-its-kind settlement' would receive necessary regulatory support. According to legal experts, the settlement's fate now rests with the NCLT. 'With over 91% of affected traders backing the ₹ 1,950 crore one-time settlement, the OTS proposal has cleared the most critical hurdle—creditor approval,' said Alok Kumar, founder and senior partner at THS–The Law Firm. However, for the scheme to attain finality, it must now pass judicial scrutiny. 'The tribunal's sanction is essential under Sections 230–232 of the Companies Act, as this isn't merely a private contract but a court-monitored compromise scheme.' Abhinav Agnihotri, partner at Burgeon Law, said while the majority backing strengthens the case, dissenting creditors—roughly 9%—can still object during NCLT hearings. 'The NCLT is not a rubber stamp. It can reject the scheme if it's found to be unfair, discriminatory, legally defective, or against public policy.' Even after NCLT clearance, challenges could arise. 'The scheme may be delayed in case NCLAT is inclined to pass any interim order staying the operation of the NCLT order,' Agnihotri said.
Mint
20-05-2025
- Business
- Mint
Scam-tainted NSEL's ₹1,950 crore one-time settlement gets investor nod
An overwhelming majority of the affected traders have voted in favour of a proposed ₹ 1,950 crore one-time settlement with the National Spot Exchange Ltd (NSEL), paving the way for potentially ending the 13-year-old payments crisis. The settlement—filed by NSEL with the backing of its parent 63 Moons Technologies before the National Company Law Tribunal (NCLT)—received support from 92.81% (5,682 traders) of the traders by number and 91.35% by value, according to a statement by the exchange. The e-voting process concluded on 17 May. NSEL's collapse in 2013 had left over 13,000 investors with claims amounting to ₹ 5,600 crore. While some payouts have been made over the years, larger investors await final settlement. The latest proposal, introduced in November 2024, seeks to distribute ₹ 1,950 crore—roughly 42% of the ₹ 4,650 crore still owed—subject to final approval. 'This is the major step in the distribution of money to the specified creditors,' said Sharad Kumar Saraf, chairman of the NSEL Investors Forum (NIF). The voting results reflect an overwhelming interest among investors to recover at least part of their investments, he said. Originally proposed by the NIF, the scheme seeks to compensate traders in proportion to their outstanding dues as of 31 July 2024. Once implemented, it will also lead to the withdrawal of ongoing litigation and the assignment of all creditor rights to 63 Moons. The NCLT in its 8 April order had directed the e-voting process and appointed Ashwini Gupta as the scrutinizer and retired IRS officer Mukesh Mital as chairperson. S. Rajendran, managing director and chief executive of 63 Moons, expressed optimism that the 'first-of-its-kind settlement' would receive necessary regulatory support. According to legal experts, the settlement's fate now rests with the NCLT. 'With over 91% of affected traders backing the ₹ 1,950 crore one-time settlement, the OTS proposal has cleared the most critical hurdle—creditor approval,' said Alok Kumar, founder and senior partner at THS–The Law Firm. However, for the scheme to attain finality, it must now pass judicial scrutiny. 'The tribunal's sanction is essential under Sections 230–232 of the Companies Act, as this isn't merely a private contract but a court-monitored compromise scheme.' Abhinav Agnihotri, partner at Burgeon Law, said while the majority backing strengthens the case, dissenting creditors—roughly 9%—can still object during NCLT hearings. 'The NCLT is not a rubber stamp. It can reject the scheme if it's found to be unfair, discriminatory, legally defective, or against public policy.' Even after NCLT clearance, challenges could arise. 'The scheme may be delayed in case NCLAT is inclined to pass any interim order staying the operation of the NCLT order,' Agnihotri said. Still, experts said the proposal represents a pivotal development. 'If the court gives its approval, it could help resolve a decade-old crisis and set a precedent for negotiated settlements in large-scale financial disputes,' Kumar said.
Hans India
20-05-2025
- Business
- Hans India
Over 90 pc traders welcome Rs 1,950 crore one-time settlement in NSEL crisis
Mumbai: In a major development that could finally bring relief to thousands of affected traders, the National Spot Exchange Limited (NSEL) on Tuesday announced that over 90 per cent of traders have voted in favour of a Rs 1,950-crore one-time settlement scheme. The scheme aims to resolve the long-pending NSEL payment crisis, which dates back to July 2013. According to the NSEL, a total of 92.81 per cent of traders in number and 91.35 per cent in value supported the resolution, which was concluded via e-voting on May 17. "As per the scheme of settlement, an amount of Rs 1,950 crore shall be paid to 5,682 traders in proportion to their outstanding as on 31 July 2024. This settlement would mean closure of legal cases against the group along with assignment of all rights of traders in favour of 63 moons," the NSEL said. The voting was ordered by the National Company Law Tribunal (NCLT), Mumbai, in April and supervised by Ashwini Gupta, appointed as the Scrutiniser, and Mukesh Mital, a retired IRS officer, who served as Chairperson. The company, backed by its parent, 63 moons technologies limited, had filed the Scheme of Settlement before the NCLT for a full and final settlement with 5,682 traders. As per the scheme, Rs 1,950 crore will be distributed in proportion to each trader's outstanding amount as on July 31, 2024. The NSEL said the settlement would lead to the closure of legal cases against the group and the assignment of all rights of traders in favour of 63 moons. The plan was originally proposed by the NSEL Investors Forum (NIF), a body representing a large number of affected traders. NSEL MD and CEO, Neeraj Sharma, praised the NIF's efforts in initiating the talks that led to this landmark proposal. He said this move marks a significant step towards justice for traders whose funds were stuck for over a decade. NIF Chairman, Dr Sharad Kumar Saraf, expressed satisfaction with the e-voting results, calling the 92.81 per cent approval a clear indication that most traders are eager to recover at least part of their investments. He described the development as a key milestone in the distribution of money to specified creditors. 63 moons MD and CEO, S. Rajendran, said the settlement would be the first of its kind and expressed confidence that with the support of the central and state governments if the proposal would be successfully implemented.
The Hindu
20-05-2025
- Business
- The Hindu
NSEL traders vote in favour of one-time settlement
More than 91.35% of the traders of the scam-tainted National Spot Exchange Ltd. (NSEL) in value and 92.81% in number have voted in favour of one-time settlement (OTS), according to a statement by NSEL. The e-voting concluded on May 17. 'The report on results of e-voting submitted by the scrutiniser and approved by the chairperson on May 19 states that a whopping 92.81% of traders in number and 91.35% in value voted in favour of the resolution thereby giving their assent to the scheme of settlement,' NSEL said. As per the scheme of settlement, an amount of Rs.1,950 crore would be paid to 5,682 traders in proportion to their outstanding as on July 31, 2024. NSEL with the support of its parent company 63 moons technologies ltd had filed a scheme of settlement before the National Company Law Tribunal (NCLT), Mumbai, for a one-time amicable full and final settlement with 5,682 traders. The OTS was originally proposed by the NSEL Investors Forum (NIF), an association representing large number of traders. 'This settlement would mean closure of legal cases against the group along with assignment of all rights of traders in favour of 63 moons,' NSEL said. The NCLT, vide its order dated April 8, 2025, ordered e-voting of the traders on the proposed resolution for approving the scheme of settlement. The NCLT had appointed Ashwini Gupta (Company Secretary) as Scrutinizer and Mukesh Mital (Retd. IRS) as Chairperson to oversee the e-voting. The voting commenced on 17 April, 2025 and concluded on 17 May, 2025. This settlement is expected to bring major relief for the traders whose monies were stuck in the NSEL payment crisis which happened in July 2013. Back in August 2013, NSEL had paid about Rs. 179 crore to 7,053 smaller traders with an outstanding of less than Rs 10 lakh each.
