Jignesh Shah: Journey Of An Entrepreneur Who Never Gave Up

Slow and steady wins the race. This age-old adage has once again turned true with the recent Bombay High Court order which quashed attachment of assets of Jignesh Shah’s flagship company 63 moons technologies in the National Spot Exchange Limited (NSEL) case. 

This came as a big relief to Jignesh Shah and his company, as 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.

The seeds of malice against Jignesh Shah were sown so deep that the then regulator of commodities markets, the FMC, and various investigating agencies refused to look at the other side all along. The greedy defaulters and brokers who created the payment crisis and perpetrated it managed to put the entire blame on him and target him.

However, all lies around the NSEL crisis are being nailed one by one after the recent court orders. In April 2019, the Supreme Court set aside a Bombay High Court judgment approving the merger of crisis-hit NSEL with parent company, 63 moons, in public interest under Section 396 of the Companies Act.

While the assets of NSEL and its promoters including Jignesh Shah were hastily attached under the provisions of MPID, the same brokers cried foul when it was time to taste their own medicine. NSEL had, in December 2018, 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.

There has been one-sided persecution, in which Jignesh Shah has been conveniently blamed and all concentrated actions directed only against him. With no proper adjudication, Shah’s company has been annihilated with multiple penalties. He has been declared not ‘fit and proper’ in a period of just three months; forced to exit the exchange business by selling all national and international bourses at throw away prices, and even stopped from exploring any new businesses.

However, he is now all geared to turn India’s fortunes for the better. After waging a six-year-long legal battle, truth has prevailed and justice has finally been done. Jignesh Shah is now ready to set to take the start up space by storm and create 1 crore jobs a year, something India badly needs.

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