WARRIOR JIGNESH SHAH KEPT MARCHING DESPITE HEAVY ODDS

It was a fairly straightforward vision. Build an innovative empire so big that it intimidates competitors by its sheer size and entrepreneurial aggression. Build a bulwark so strong that it cannot be undone, at least legitimately. But winning battles is no walk in the park. Jignesh Shah, known as the Exchange Man of India has fought similar battle few others would dare to fight.

Sharp- witted Jignesh Shah who knew the art of moving mountains, decided to carve his own path and gave India a series of multi asset exchanges, a feat that led his rivals to target his exchange empire with the help  of then Finance Minister P. Chidambaram, who wanted to protect the interests of competitors for his own personal benefits.

A sinister plan ensured a payment default crisis of Rs 5,600 crore at NSEL which was kept alive deliberately, rather than allowing it to be settled. The purpose of such a move was to finish the Jignesh Shah promoted exchanges and other associated entities just because he had proved to be a threat to the monopoly of NSE, Chidambaram's pet exchange.

This unprecedented step led to an abrupt closure of NSEL. Not only this, it was Chidambaram saw to it that the then regulator FMC created many administrative, regulatory and legal hurdles—bypassing all established norms—just to ensure that Jignesh Shah and FTIL were systematically trapped in a deliberately created mire. 

Needless to say, the decimation of the FTIL group in the exchange space caused great loss to the nation, including jobs. Jignesh Shah who is standing tall past six years has now all the hopes from the Modi government to investigate the “unholy nexus” of the Chidambaram network, which benefited from vested interests and foreign operators at the expense of Indians.

Jignesh Shah's flagship company FTIL (now known as 63 moons) has filed a Rs 10,000 crore damages suit against Chidambaram and his close IAS officers, Ramesh Abhishek, the then FMC chairman, and KP Krishnan, the then joint secretary in the Ministry of Finance, who connived to take unwarranted actions against the FTIL group leading to loss of millions of jobs and revenue to the company.  

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Created on Oct 8th 2020 23:59. Viewed 169 times.

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