JIGNESH SHAH: PERSISTENCE WITH HIS FIGHTING SPIRIT
In a short span of time, 63 moons technologies limited has made a mark and has been named as one of the most powerful and influential companies under the leadership of its founder Mr. Jignesh Shah. A global leader in providing next generation technology innovations, platform and solutions for digital markets and marketplaces, the entry of 63 moons into the exchange space brought competition that benefited the stakeholders enormously.
This success, however, was not taken in a positive stride by his competitors, who led a one-sided war and persecution, in which 63 moons and its founder were held responsible. For the past few years, the market regulator and the investigating agencies refused to look at the other side in the National Spot Exchange Limited (NSEL) payment crisis.
However, all the lies are being nailed one by one 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.
NSEL, its parent company and Mr. Jignesh Shah were persecuted under the MPID Act despite the said act not being applicable to a market dispute. 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. The court had issued a notice to the state government asking it to seize the assets of the accused brokers.
Needless to say, Mr. Jignesh Shah has continued to fight against his adversaries with his utmost faith in the judiciary.