Jignesh Shah All Set For Second Inningsby Ankita Sehgal Freelance Blogger, Lives in New Delhi
63 moons technologies limited has been named as one of the most powerful and influential companies under the leadership of its founder Jignesh Shah in quite a short span of time. A global leader in providing next generation technology innovations, platform and solutions for digital markets and marketplaces, the entry of 63 moons into the exchange space brought competition that benefited the Indian markets enormously.
Jignesh Shah, now in his second innings, sees a bigger opportunity in 'startup ecosystem'. Shah shifts his gear as he believes that now he wants to create and innovate something for the masses. After a payment default of Rs 5,600 crore in 2013 at his smallest venture National Spot Exchange Ltd (NSEL), Shah was forced out of all Sebi-regulated businesses under regulatory orders amid a multi-agency probe despite having no money trail to him and his group of companies.
However, all the lies are being nailed one by one with the recent court orders. In April 2019, the Supreme Court set aside a Bombay High Court judgment which had upheld the merger of crisis-hit NSEL with parent company, 63 moons, in so-called public interest under Section 396 of the Companies Act.
NSEL, its parent company and Mr Jignesh Shah were persecuted under the MPID Act despite the said act not being applicable to a markets dispute. The NSEL in December 2018 had filed a writ petition before the Bombay High Court, questioning the Maharashtra Government for its inaction against the brokers and trading members in attaching their assets. The court had issued a notice to the state government asking it to seize the assets of the accused brokers. The Bombay high court quashed MPID in NSEL case and ordered release of its assets. Jignesh Shah continues his legal fight against his adversaries with his utmost faith in the judiciary and now he is confident that the right time has come to start his second innings in the interests of India’s millions of entrepreneurs.
Created on Oct 16th 2019 02:18. Viewed 160 times.
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