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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 the leadership of Mr. Jignesh Shah, the company has made a mark in the exchange markets and proved itself as a world leader. Needless to say, 63 moons 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 the 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. 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 However, with certain recent 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, 63 moons, 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 adage that ‘Fortune favors 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.
