Jignesh Shah: Rising High From The Ruins

Mr. Jignesh Shah, the founder of 63 moons technologies, created a wave of change by playing a prominent role in shaping modern Indian financial markets through his domain expertise, ambition, and far-sighted vision.

Jignesh Shah’s fast growth in the very nascent financial markets was looked upon as a threat by certain monopolistic forces in the exchange space. These envious forces joined hands with vested interests and formed an unholy nexus to create an artificial payment default crisis at one of his subsidiaries—the National Spot Exchange Limited (NSEL) in 2013.

It has been six long years of NSEL crisis and still it has not been resolved as these vested interests tried their best to misguide agencies and government by projecting that Jignesh Shah is responsible for the payment crisis. Though it was quite clear by the investigation that not a single penny has been traced to Jignesh Shah and his Group but has gone to the 24 defaulters of NSEL.

But at the end as Jignesh Shah always believed that it's only truth that prevails. A big breather for him and his employees came in the form of a landmark judgment where 63 moons won the MPID case in Bombay High Court. The High Court very clearly stated 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 Act stand quashed.

And just before this, on April 30th, 2019, another landmark judgment of the Hon’ble Supreme Court setting aside the forced merger order of Shah’s 63 moons tech, the parent, with the subsidiary, NSEL, came in as a shot in the arm not only for the company but for the entire Corporate India. 

The apex court judgment goes a long way in holding high the concepts of corporate veil and limited liability which are the hallmark of the Companies Act of India. It goes without saying that had such a draconian merger order been implemented, it would have certainly harmed the entrepreneurial spirit and overall business confidence in India.

These judgments will also go a long way in fostering the spirit of entrepreneurship in the country and help generate crores of jobs for its skilled youth as Jignesh Shah has himself espoused now.

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