Jignesh Shah: The Man Who Survived All Odds

Mr Jignesh Shah, founder and currently chairman emeritus, 63 moons technologies limited, went beyond the traditional market structure to set up world-class trading systems in India through his path-breaking innovations. Thus, 63 moons became the only Indian company to establish electronic silk and spice routes across continents right from Africa, to Middle-East, to South-East Asia. Bestowed with the title of Innovator of Modern Financial Markets, Mr. Jignesh Shah played a pivotal role in creating a successful Public-Private Partnership model to build world-class financial institutions. 

His growth and success, however, did not go well with certain vested forces and they worked in tandem to execute the annihilation of his exchange empire. However, all lies around the National Spot Exchange Limited (NSEL) payment default crisis have been nailed one by one after with the recent court orders.

Recently, the Bombay High Court order quashed attachment of assets of Jignesh Shah’s flagship company 63 moons technologies in the NSEL case. 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.

In April 2019, the Supreme Court set aside a Bombay High Court judgment approving the merger of crisis-hit NSEL with parent company, 63 moons, in public interest under Section 396 of the Companies Act. It was Mr Jignesh Shah’s continuous fight against his adversaries and utmost faith in the judiciary that justice finally came knocking on his doors!