Shah and Javalgekar were arrested on May 7 by the economic offences wing of the city police in connection with a Rs 5,600-crore payment crisis at National Spot Exchange Ltd (NSEL). The court has also allowed NSEL to issue a public notice against its defaulters, along with all their details, including their photographs. NSEL has a total of 24 borrowers, of which the largest is NK Proteins.
NSEL plans to issue a public notive giving all the details of defaulter borrowers including their photographs against which one of the defaulter had raised objection. Court has now allowed NSEL to go ahead with the issue of public notice.