With the recent Bombay High Court order which quashed attachment of assets of Jignesh Shah’s flagship company 63 moons technologies in the National Spot Exchange Limited (NSEL) case, the age-old adage that slow and steady wins the race is finally coming to terms.
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.
NSEL, its parent company 63 moons, and founder, Jignesh Shah were persecuted under the MPID Act despite the said act not being applicable to a markets dispute. This was done under the pressure mounted by big brokers backed by the then finance minister, P Chidambaram in the UPA government who wanted to favour NSE, where he had vested interests.
While the assets of NSEL and its promoters were hastily attached under the provisions of MPID, the same brokers cried foul when it was time to taste their own medicine. The NSEL in December 2018 had filed a writ petition before the Bombay High Court, questioning the Maharashtra Government for its inaction against the brokers and trading members in attaching their assets. The court had issued a notice to the state government asking it to seize the assets of the accused brokers.
Jignesh Shah has continued his legal fight against the injustice meted out to him & always placed utmost faith in the judiciary. It is this belief in truth that is rewarding him now as one after another, his company is winning cases in the courts and justice is knocking on his doors!
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