First petitioner is the company incorporated under the provisions of the Companies Act, 1956 and second petitioner is the Managing Director of first petitioner company. The National Spot Exchange Limited (NSEL) (6th respondent) is also a company registered under the Companies Act, 1956. The said company is promoted by another company, by name, Financial Technologies (India) Limited (FTIL). First petitioner is a trading-cum-clearing member of 6th respondent.

2. Pankaj Ramnaresh Saraf, resident of Mumbai is a Director of M/s.Vostok Far East Securities Private Limited, a company registered under the Companies Act, 1956, with registered office in Mumbai. The company is in business of investments, trading and financing. Mr. Pankaj lodged complaint dated 30.09.2013 alleging large scale financial irregularities, misrepresentation and misappropriation of huge funds belonging to complainant and similarly situated investors by National Spot Exchange Limited (NSEL).

Board of Directors of FTIL and NSEL and 25 borrowing companies/trading members along with their Directors, are alleged as persons responsible for causing huge financial loss to the complainant. The complainant claimed t