Jignesh Shah: The True Entrepreneur Who Braved It All

by Ankita Sehgal Freelance Blogger, Lives in New Delhi

The Bombay High Court order that quashed attaching of assets of Jignesh Shah’s flagship company 63 moons technologies limited in the National Spot Exchange Limited (NSEL) case has yet again reinstated the faith of corporate India in the country’s judicial system.

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 Jignesh Shah were persecuted under the MPID Act despite the said act not being applicable to a market dispute. This was done under the pressure mounted by brokers backed by the then top ministers in the UPA government and their favorite bureaucrats.

Another landmark order dated April 2019 set aside the Bombay High Court judgment approving the merger of crisis-hit NSEL with its parent company, 63 moons technologies limited, in public interest under Section 396 of the Companies Act.

It has been Jignesh Shah’s staunch belief in the truth that has helped him and his flagship company brave these humungous challenges. The one-sided war and persecution is a testimony to the fact that to how much extent powerful vested interests can go in order to harm and humiliate successful homegrown entrepreneurs in the country.

The conspiracy against Jignesh Shah was well planned and was executed to decimate his business and the path-breaking journey that he undertook in a short span of time. His company, 63 moons, was conveniently made responsible and all concentrated actions have been directed against it and Jignesh Shah. However, truth finally prevailed and he is coming out clear of all the baseless charges pressed against him by his rivals who felt threatened by the tech innovations of 63 moons.