Articles

Jignesh Shah wants PM Modi to probe Chidambaram

by Ankita Sehgal Freelance Blogger, Lives in New Delhi
Sharp-witted Jignesh Shah, who decided to carve his own path and gave India its first global exchange empire, was targeted by certain vested interests in the then UPA government, particularly by then Finance Minister P. Chidambaram, who wanted to destroy his company to protect the interests of his pet exchange, the National Stock Exchange (NSE).

The former Union Minister for Finance was responsible for the NSEL payment default crisis worth Rs 5,600 crore and he ensured through some of his trusted bureaucrats to keep the payments crisis alive, rather than allowing it to get settled. The purpose of such a move was to finish the Jignesh Shah promoted exchanges and other companies just because he had proved to be a threat to the monopoly of the NSE.

The NSEL crisis was a conspiracy of P. Chidambaram and executed by his trusted bureaucrats who worked on the instructions of P Chidambaram, and cast the dice to destroy Jignesh Shah’s growing empire. This unprecedented step led to an abrupt closure and created the payment crisis. Not only this, Chidambaram also 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 loss of a million jobs. Jignesh Shah who is standing tall for past six years in now being vindicated in the form of several judicial pronouncements from the top courts of the country which are quashing the unjust actions initiated against the group. The Supreme Court has set aside the forced merger of NSEL with FTIL and the Bombay High Court has quashed attachment of the company's properties under MPID Act ruling that NSEL is not a ''financial establishment.''

Jignesh Shah has now high hopes from the Modi government and has urged it to investigate the “unholy nexus” of the Chidambaram network which benefited from vested interests and foreign operators at the expense of Indians.


About Ankita Sehgal Advanced   Freelance Blogger, Lives in New Delhi

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Joined APSense since, September 1st, 2017, From New Delhi, India.

Created on Oct 18th 2019 07:03. Viewed 167 times.

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