In a short span of time, entrepreneur/innovator Jignesh Shah’s flagship company, 63 moons technologies limited has made a mark and has been named as one of the most powerful and influential companies in biz-tech innovations. A global leader in providing next generation technology innovations, platform and solutions for digital markets and marketplaces, the entry of 63 moons into the exchange space brought competition that benefited the stakeholders enormously.
This success, however, was not taken in a positive stride by his competitors who led a one-sided war and persecution, in which 63 moons and its founder were held responsible. For the last six years, the market regulator and the investigating agencies refused to look at the National Spot Exchange Limited (NSEL) crisis from a 360 degrees perspective.
However, all the lies are being nailed one after the other with the recent court orders. In April 2019, the Supreme Court set aside a Bombay High Court judgment approving the merger of crisis-hit NSEL with a parent company, 63 moons, in public interest under Section 396 of the Companies Act.
Also, NSEL, 63 moons and Jignesh Shah were persecuted under the MPID Act despite the said act not being applicable to a markets dispute. 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 high court issued a notice to the state government asking it to seize the assets of the accused brokers. In August, the high court ruled that NSEL is not a financial institution and hence notifications attaching properties under it stand quashed.
A big victory for 63 moons, its employees and stakeholders even as Jignesh Shah continues to fight against his adversaries with his utmost faith in the judiciary.
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