Mumbai, Oct 17 (PTI) A special Maharashtra Protection of Interest of Depositors (MPID) court here has directed the 'competent authority' to make graded distribution to 2,040 traders of the NSEL who have outstanding amounts between Rs 10 lakh and Rs 20 lakh.

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The order was passed by Special Judge AS Sayyad on October 13, the details of which were made available on Saturday.

Two small investors had filed applications seeking directions to the competent authority for equitable distribution of outstanding amounts in the Rs 10 lakh to Rs 20 lakh range lying with the competent authority.

According to the applicants, they are small investors who had deposited money with the hope it would help them tide over difficult times.

However, the NSEL scam in 2013 resulted in their invested amounts getting held up, they said.

Later on, a case was registered and properties of those allegedly involved in irregularities were attached.

The 'competent authority' was appointed to take care of the said properties and funds. Investments made by the applicants are also lying with this competent authority.

The two applicants are 91-year-old Chandravali Manek, who has an outstanding amount of Rs 10,28,520, and Harpreet Kaur Dang (53) with an outstanding claim of Rs 10,10,746.

The MPID court order will ensure 9,193 of the total 12,735 unverified traders, or 72 per cent, are paid fully, an NSEL note said.

The note said, in 2013, the NSEL had paid 50 per cent to the same 6,400 traders and 100 per cent to 708 traders having outstanding below Rs 2 lakhs in order to give immediate relief to small traders.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)