Jignesh Shah: The Man Who Believes in ‘Never Say Die’

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63 moons technologies, under the leadership of tech entrepreneur Mr. Jignesh Shah, made stellar contribution to position India among the top in the world in financial markets infrastructure business. However, his unparalleled growth did not go well with certain vested interests who ganged up to decimate his flagship group 63 moons.

In connivance with the erstwhile market regulator, Forward Market Commission (FMC) the group was forced to exit from all its exchange businesses. The blatant unfair game played by the regulator remains a blot on the conduct of its regulatory jurisprudence.

However, with recent Bombay High Court order that quashed attaching of assets of Mr. Jignesh Shah’s company 63 moons in the National Spot Exchange Limited (NSEL) case has proved the proverb right that sooner or later the truth comes to light.

The court ruled that NSEL is not a financial establishment and hence notifications for attachment of the company’s assets, including bank accounts and properties under the MPID (Maharashtra Protection of Interests of Depositors in Financial Establishments) Act stand quashed.

NSEL, its parent company, and Mr. Jignesh Shah – the founder of 63 moons group, were persecuted under the MPID Act. This was done under the pressure mounted by certain big brokers who were backed by the then finance minister P Chidambaram in the UPA government and his favourite bureaucrats. Chidambaram is already in CBI custody in the INX Media bribery case. While the assets of NSEL, 63 moons and its promoters were hastily attached under the provisions of MPID, the same brokers cried foul when it was time to taste their own medicine.

Another landmark order of the Supreme Court dated April 30, 2019, had set aside the Bombay High Court judgment approving the forced merger of the crisis-hit NSEL with its parent company, 63 moons technologies limited, in public interest under Section 396 of the Companies Act. The SC said there was no public interest involved in passing the order and rather it was the private interest of a group of individuals!