The unmatched success of 63 moons technologies limited under the leadership of its founder, entrepreneur/innovator, Mr Jignesh Shah, has been eyed with much envy by a coterie of vested interests, who tried every trick in the world to bring down his empire.
The annihilation of 63 moons was a strategically planned conspiracy of P. Chidambaram, the then finance minister which was tasked to his trusted lieutenants—K.P. Krishnan, the then Joint Secretary in his ministry and Ramesh Abhishek, the then Chairman of the market regulator Forward Markets Commission (FMC). The coterie had set itself to destroy Mr Jignesh Shah’s growing empire by recommending the government to stop trades at one of company’s subsidiary—National Spot Exchange Limited (NSEL). This led to an abrupt closure and created a payment crisis.
However, the truth finally prevailed when Mr Jignesh Shah and 63 moons recently witnessed two historic moments in its fight for justice. The Bombay High Court order recently quashed attaching of assets of 63 in the NSEL case by ruling that NSEL is not a financial establishment. NSEL, its parent company and Mr Jignesh Shah were persecuted under the MPID Act despite the said act not being applicable to a markets dispute.
In another judgement in April 2019, the Supreme Court set aside the Bombay High Court judgment approving the merger of crisis-hit NSEL with its parent company, 63 moons technologies limited, in public interest under Section 396 of the Companies Act. The apex court ruled that there was no public interest involved in issuing the order.
