At a time when innovators across the world were turning towards
e-commerce, a man in India was gearing up to take the exchange markets sector
by storm. With his vision set on various tech-based innovations, his flagship
company, 63 moons technologies limited, was able to prove its mettle in a short
span of time.
Mr Jignesh Shah,
currently chairman emeritus, 63 moons, through his sustained innovation
successfully transformed the face of the Indian financial markets and helped
the country realise its ‘Make in India’ even before the government
conceptualised it.
However, these efforts went down the drain at the behest of some
vested interests who launched a premeditated massive assault on the company and
its founder. This assault came out in the form of a Rs 5,600 crore payment
default crisis at one of company’s subsidiaries—the National Spot Exchange
Limited (NSEL).
Fearing company’s rapid growth, the negative forces worked
around the corner to bring Mr Jignesh Shah’s empire down. However, the world
slowly took note of the six-year-long assault in the form of the two recent
court orders. In August 2019, the Bombay High Court quashed attaching assets of
Mr Jignesh Shah’s flagship company 63 moons technologies in the National Spot
Exchange Limited (NSEL) case as it ruled that NSEL was not a financial
establishment.
In April 2019, the Supreme Court also 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.
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