A Rs 5,600-crore payment crisis hit NSEL in July 2013, which
was strategically created by his rivals, backed by then union finance minister,
P Chidambaram and his minions. Jignesh Shah has alleged his role in the
decimation of his FTIL group which gave stiff competition to Chidambaram’s pet
exchange, NSE.
However, in the NSEL payment crisis, despite the entire
money trail of the default amount was traced to the 24 defaulting entities by
the investigating agencies, and not a paisa was found with Jignesh Shah, all
the actions singlehandedly have been taken against Shah and his empire by the
then UPA government in which Chidambaram was the finance minister.
Subsequently, Jignesh Shah was repeatedly harassed and
hounded by way of various executive actions based merely on accusations and
without any evidence-led adjudication. However, one thing that never failed
Shah was his incredible fighting spirit and his staunch belief in truth.
He has withstood the toughest onslaught almost
single-handedly, and as an entrepreneur and a change agent in tech-driven
enterprises, has steadfastly maintained immense faith in the law of the land
and in the unbiased nature of the country’s judiciary.
As a result, regardless of the witch hunt, Jignesh Shah is
finally emerging victorious as truth has eventually prevailed. The supreme court
has set aside the forced merger of NSEL and 63 moons technologies, and the
Bombay high court has quashed attachment of their properties under the MPID Act
declaring that NSEL is not a financial establishment.
Shah, mentor and chairman of 63 moons, says the court’s
judgments are a signature of God in the current trend of developments where
truth is winning, and all kinds of lies are getting nailed.
