Jignesh Shah and 63 moons technologies - Is this justice?

The recent raid at the home of Jignesh Shah was yet another pointer on the list of proceedings in the NSEL case that have hampered the functions of 63 moons technologies, previously Financial Technologies (India) Limited. The company and the Chairman Emeritus have been under the radar of the investigative agencies since the National Spot Exchange Limited (NSEL) payment default broke out in 2013. 

Shantanu Guha Ray’s ‘The Target’ opened the eyes of the corporate world in the matter, which is a brilliantly drafted investigative piece on how the conspiracies have led to the halt in the rise of the company and Jignesh Shah. Recently, Sree Iyer took it upon himself to go to the very bottom of the case and wrote the book C-Company. The book revolves around the involvement of P. Chidambaram in the downfall of NSEL. Iyer argues that, with underlying vested interests that point towards other established exchanges of the country, Chidambaram favored the latter and conspired against Jignesh Shah and his company. 

Jignesh Shah and FTIL rose to prominence within a small time which is what led to his comparison with Dhirubhai Ambani. Recently, the Economic Offences Wing (EoW) of Mumbai froze the operating bank accounts of the company which has done more than some damage to the operations of the company. Additionally, the company has been ordered to operate through funds in an escrow account.

“They have taken all kinds of illegal actions against FTIL and the only action left now is to cut both water and power connection to the company,” said FTIL. The company has reacted with vigor as there seems to be no connection with unlawful practices on the behalf of the company. 63 moons technologies has proceeded to the court against the move. The company and Jignesh Shah have formerly cooperated with the investigative agencies and in this particular instance as well. Other than anything else, the freezing of the account will affect the thousand plus employees of the company and their families. It remains to be seen when the company will get justice it deserves.