Mohan India is essentially a shell company. In 2011-12, the last date for which its financials were available, the company earned a net profit of Rs 2,044, and had revenues of Rs 72,400. Its balance sheet size was about Rs 17 lakh. Yet Mohan India, along with a sister concern Tavishi Enterprises (which was incorporated this year and whose financials are not yet available) together owe theNational Spot Exchange Ltd (NSEL) Rs 952 crore.

Backing this sum, claims NSEL, is collateral amounting to 3.27 lakh tonnes of sugar stored in warehouses in northwest Delhi.Mohan India and Tavishi are part of a large Delhi-based business group. Towards the end of this week, NSEL finally released a list that was long awaited — the 24 companies that collectively owe the exchange Rs 5,599 crore. It will use this money, when it is paid, to settle dues with around 200 or so other stock exchange members who are owed money.

Of these eight have agreed to pay up by August 14 when settlement for contracts becomes due. Another 13 have agreed to pay 5% of their dues every week till their books are clear. Negotiations are on with another three members to clear dues of about Rs 311 crore. "These companies will pay their dues and lift stocks against their names," says Anjani Sinha, the embattled chief executive of NSEL.

The exchange is promoted by Financial TechnologiesBSE 6.01 %, founded by Jignesh Shah. Sinha claims that the companies who owe funds to NSEL are part of the agricultural supply chain, who have need for such stocks in their business.

Will they Pay?

The list of companies is varied. While Mohan India has few assets, there are others which are very much real businesses in the commodities sector. Here are the scenarios which could play out in the weeks ahead: one, all could go well.

The companies could pay up, take possession of the goods lying in various warehouses, and NSEL will use those funds to settle dues with 'creditors'. The alternative scenario is messier: some or many of the 24 companies could default on their obligations, forcing NSEL to take possession of stocks and sell them in the market. Which scenario is more likely? ET Magazine spoke to Balbir Singh Uppal, CMD of Lakshmi Energy and FoodsBSE 4.85 %.

According to NSEL, group companies related to Lakshmi owe around Rs 689 crore, against stocks of paddy held in a godown in Punjab. "We've settled about Rs 240-250 crore worth of dues to NSEL," says Uppal.

"For the remaining amount NSEL will have to sell the stocks and recover the dues," he adds. ET Magazine spoke to a director of another one of the companies named by NSEL and which is easily among those with the largest portion of dues outstanding. The director refused to come on record. This director is also the head of a real estate conglomerate and a separate set of real estate companies.

"In fact this is my primary business," he said, referring to the real estate sector. He also claimed that he was not involved in conducting transactions on NSEL, which was being done by a business acquaintance. This acquaintance in turn was a conduit for other parties to enter the market. "These [transactions on NSEL] were just forward trading. There was no intention to take delivery of the goods. We have no stake in the commodity business," he said.

Motley Crew

PD Agroprocessors, owes around Rs 617 crore to the exchange against stocks of paddy stored in warehouses in Haryana. According to its latest financials available for 2010-11, the company had a balance sheet size of Rs 61 crore, and revenues of Rs 18 crore. ET Magazine attempted to trace the owners of the company, and ended up by speaking with the chief executive of a basmati rice producer in Karnal, Haryana, who was earlier also operating from the same address.

The executive claimed that he had been in a business relationship with PD Agroprocessors till a couple of years back but the two had since separated. Some of PD Agro's rice stocks backing its dues to NSEL, however, are stored in this producer's storage facilities in Haryana.

PD Agro's balance sheet for 2010-11 shows large outstanding quantities of paddy and rice as part of the company's stocks for the end of that year. One last nugget aboutMohan India.

While the company with its tiny balance sheet looks unlikely to be able to pay dues, Sinha told ET Magazine that the company and its sister concern had paid back around Rs 200 crore in the last 15 days, reducing its liability to around Rs 750 crore. "Rather than the individual company, what is relevant is the group backing it," says Sinha. This is what those owed money by NSEL must be hoping as well.