If there is one
company that has dominated India's exchange space it is 63 moons technologies
limited or the former FTIL founded by fintech innovator, Mr Jignesh Shah in the
mid-1990s. Under his abled leadership, the company has made a mark in the
exchange markets and proved itself as a world leader. Needless to say, 63 moons
technologies has been able to comfortably write its success story despite
severe competition from some well-established market players.
However, the
success of 63 moons did not go well with its corporate rivals, who feared
existential threat with the tech innovations being brought out by Mr. Jignesh
Shah, one after the other. What happened was as if Mr. Shah was punished for
being a visionary and bringing about a change in the market ecosystem.
A payment default
crisis was engineered at one of the subsidiaries of 63 moons, the National Spot
Exchange Limited (NSEL), and it was used as a tool to decimate the exchange
empire set up by Mr. Shah on the lines of Make in India. Forward Markets
Commission (FMC), the then market regulator and the investigating agencies
refused to look at the other side and directed actions against the exchange,
its parent company and Mr. Jignesh Shah in the matter.
However, with
certain developments, all lies around the NSEL crisis have been nailed with the
court orders. In April 2019, the Supreme Court 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.
In another
judgment, in August 2019, the Bombay High Court also quashed the attachment of
assets of 63 moons in the NSEL case. It’s now quite evident that finally, the
tide is turning in favour of truth which is being seen as a big victory for Mr.
Jignesh Shah, Chairman Emeritus. 63 moons technologies, its shareholders and
employees.
While the assets of
NSEL and its promoters were hastily attached under the provisions of MPID, the
same brokers cried foul when it was time to taste their own medicine. The NSEL
in December 2018 had filed a writ petition before the Bombay High Court,
questioning the Maharashtra Government for its inaction against the brokers and
trading members in attaching their assets.
With truth winning
ultimately in the courts of law, the age-old age that 'Fortune favours the
brave' seems to be ringing true in Mr. Jignesh Shah's case. The judicial
victories have come as a major breather for the 63,000 shareholders of 63 moons
and its 1000-odd employees.
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