PATH-BREAKING VISION OF INDIAN TYCOON JIGNESH SHAH

Financial market wizard Jignesh Shah is one of the most prominent entrepreneur of India, leading 63 moons technologies limited. 63 moons is a first-generation enterprise that created new standards and benchmarks on potential and possibility of financial markets development. Jignesh Shah is the brain behind advanced financial solution such as ODIN. He has pioneered 18 different technological innovations and institutions between 1995-2012. Jignesh Shah has been one of the initial flag bearer of 'Make in India' through his various projects on spot exchanges and trades, putting India on the world map.

Being an inspiration for the new generations, Jignesh Shah has always strived to made new paths for the young people. After building nine world-class exchanges in India and abroad, Jignesh Shah sees 100-times biggest potential in startup ecosystem. 

Earlier, Shah through his multiple ventures had created over one million jobs during a period of ten years and now sees 100-times bigger business potential in a 'startup ecosystem' which he feels can create up to 10 crore jobs over the next decade. Jignesh Shah wants to focus this time on a mentoring role and help youngsters with innovative ideas live their entrepreneurship dreams by providing them a platform for "institutionalisation, globalisation and scaling up" of their ventures.

Referring to Prime Minister Modi's strong leadership, Jignesh Shah feels that as compared to earlier days, now India has far better conducive environment where entrepreneurship and job creation both can flourish together at a much larger scale. 

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DHFL Crisis: Bombay HC Restrains Promoters From Travelling Abroad

The Bombay High Court on Thursday restricted Dheeraj Wadhwan and Kapil Wadhwan, promoters of the crisis-hit Dewan Housing Finance Ltd (DHFL) from travelling abroad while hearing an application filed by 63 Moons Technologies Ltd seeking recovery of Rs.200 cr owed by DHFL.

Justice SJ Kathawalla refused relief to the brothers and said that the two will have to take permission from Court for leaving the country.

Senior Advocate Gaurav Joshi and Cyrus Adeshir appeared on behalf of the defendant brothers. They challenged the maintainability of the plaintiff's application and contended that trustees of the bond-holders already moved an application before the Debt Recovery Tribunal (DRT), Pune bench for recovery of dues on behalf of debenture holders.

They informed the Court that Dheeraj Wadhawan, also known as Baba Dewan amidst social circles in Mumbai is admitted in Lilavati Hospital allegedly suffering from a lung infection and the Kapil Wadhawan is in India and "is trying to sort out the problems."

It was further submitted that the defendants may have to travel abroad for raising funds. Appearing for the plaintiff, Senior Advocate DD Madon objected to this and submitted that the defendants may escape if allowed to leave the country.

The Jignesh Shah promoted 63 Moons had subscribed to the non-convertible debentures (NCD) of DHFL, after DHFL failed to repay the money, the plaintiff moved court.

  

Edelweiss AMC, Kotak Mahindra AMC, Axis Asset Management and Reliance Nippon had moved the Bombay High Court seeking disclosure of all its assets and liabilities of DHFL. They also sought directions restraining DHFL from making any payments/disbursements to secured and unsecured creditors. High Court had ruled against DHFL in all the cases.

DHFL is currently under investigation for alleged financial irregularities by multiple agencies. Enforcement Directorate (ED) is examining an Rs.2186 crore loan given by DHFL to Sunblink Real Estate, a Non-Banking Finance Company (NBFC).  The money was allegedly used to acquire properties in the name of Iqbal Mirchi, a close associate of Dawood Ibrahim. Serious Fraud Investigation Office (SFIO) is also probing DHFL for alleged financial fraud.

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