Lists
abound of the greatest entrepreneurs of modern world. The names may vary here
and there but a handful make it to most of such lists. Fintech innovator,
Jignesh Shah, currently Chairman Emeritus, 63 moons, is a front-runner among
these for his sustained innovation and transforming the face of Indian
financial markets that helped India realise its ‘Make in India’ dream.
Jignesh
Shah went on to set up 10 world-class exchange companies under his flagship
company FTIL (now called 63 moons tech), in various asset classes, in just 10
years across India and abroad. Shah also successfully established electronic
silk and spice routes right from Africa, to the Middle-East and South-East
Asia.
However,
these efforts went down the drain at the behest of some vested interests who
launched a premediated massive assault on the company and its founder. This
assault came out in the form of a Rs.5,600 crore payment default crisis at one
of company’s subsidiaries—the National Spot Exchange Limited (NSEL).
Fearing
FTIL's rapid growth, the negative forces worked around the corner to bring
Jignesh Shah’s empire down. However, the world slowly took note of the
six-year-long assault in the form of the two recent court orders. In August
2019, the Bombay High Court quashed attaching assets of Jignesh Shah’s flagship
company 63 moons technologies in the National Spot Exchange Limited (NSEL) case
as it ruled that NSEL was not a financial establishment.
In
April 2019, the Supreme Court also 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.
Shah
is now rearing to go into the start-up ecosystem and mentor millions of India's
young entrepreneurs.
