Jignesh Shah: Courting Battles For The Sake Of Truth & Justice!

When you start growing, you are bound to encounter a lot of opposition and ridicule. But if you survive that, you ultimately win. This goes well in the case of Jignesh Shah.

More than two decades ago, Mr. Jignesh Shah, a young innovator and entrepreneur founded 63 moons technologies then known as Financial Technologies. With his innovative zeal and entrepreneurial aggression, he turned it into one of the finest examples of Make in India, creating 9 robust exchanges across the globe in a variety of asset classes including commodities, currency, equity, energy and bonds in as many years.

However, Jignesh Shah’s rapid growth in the markets was looked upon as a threat by certain monopolistic forces who envied the company. 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. But all these facts were ignored, and 63 moons was ridiculed and attacked with vengeance. Despite the witch hunt, the company is emerging victorious as truth eventually prevails!

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’. And, just few months after this victory, a very big relief came in the form of another big judgment 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. These judicial pronouncements are a big victory for the corporate India at large!