This is what no one told you about Jignesh Shah

by Ravi Sharma Writter

There’s a long list of negatives that is credited to name of Jignesh Shah – the chairman Emeritus of Financial Technologies (India) Limited (FTIL). Now known as 63 moons technologies, the company is one of the leading trading solutions company in India with presence in countries abroad. The name of the company has been tainted and can be seen in the news frequently due to the payment default that occurred at the National Spot Exchange Limited (NSEL) in 2013. The exchange was suspended due to trading without the backing of actual commodities.

As it turns out, the blame for the defaulting amount has been credited to Jignesh Shah and his company having ignored the 26 defaulting companies which traded directly. Their assets, when accumulated, amount to a little more than the defaulting amount. On the contrary, in 2016 the Ministry of Corporate Affairs (MCA) passed an order stating the forced merger of FTIL with NSEL. If the merger were to go through, it would mean lifting the corporate veil and it will be the end of the ‘Limited Liability’ concept. Such a move will definitely discourage people from investing in the future.

Investigative journalist Shantanu Guha Ray took it upon himself to get to the bottom of this case. He wrote a book on the case – The Target which evaluates the inside out of the case. Ray calls Jignesh Shah ‘The Czar of Exchanges’ and suggests how the case is a conspiracy by high-level bureaucrats and politicians to stop Shah in his tracks. The book reveals that Shah cooperated with investigative agencies as and when required and even helped them. He was taken behind the bars as well but released due to the lack of evidence. Finally, Ray compares Shah to Ayn Rand’s famous character John Galt from the book Atlas Shrugged who was the brains behind one of the biggest innovations in the world. The Target is a must read before forming an opinion on Jignesh Shah and his company.