Jignesh Shah Plans To Kick Start The Start Up Eco-System

Mr. Jignesh Shah is the founder and now Chairman Emeritus and Chief Mentor of 63 moons technologies limited (the earlier FTIL). At a time when the Indian financial market infrastructure needed solutions for global integration and capacity building, along with bridging the rural-urban divide, it was the path-breaking vision of Mr. Jignesh Shah that went beyond the traditional market structure to set up world-class trading systems in India.

However, Mr Jignesh Shah’s progress was looked upon as a threat by certain monopolistic forces who envied his innovative zeal and entrepreneurial aggression. These forces joined hands with certain vested interests to form an unholy nexus that created an artificial payment default crisis at one of the subsidiaries of 63 moons—the National Spot Exchange Limited (NSEL) in 2013.The entire money trail of the default amount was traced to the 24 defaulting entities by the investigating agencies, and not a paisa was found with NSEL, FTIL and its founder, Mr. Jignesh Shah. Despite this, the witch hunt continued for over 5 years but now the company is finally emerging victorious as truth eventually prevails, thanks to the law of the land.

The Hon’ble Supreme Court set aside the forced merger of 63 moons with NSEL on 30th April 2019 i.e. almost after 6 years of NSEL crisis. While pronouncing the judgment, the apex court laid down the precise definition and the elaborate criterion for what constitutes ‘public interest’.

Another big judgment happened very recently where 63 moons won MPID case in Bombay High Court. The High Court stated that the 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.

Jignesh Shah is quite hopeful about the resolution as also about punishment to all those who were party to the fraud, as feels that there is a conducive political environment in the country under the strong leadership of Prime Minister Narendra Modi which can fire the start up ecosystem wherein 63 moons will play the role of a catalyst to generate 10 crore  jobs in the next 10 years.

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