At a time when innovators across the world were turning towards e-commerce, a man in India was gearing up to take the exchange markets by storm. With his vision set on various tech-based innovations, his flagship company, 63 moons technologies limited, was able to prove its mettle in a short span of time.
Mr. Jignesh Shah, currently chairman emeritus, 63 moons, through his sustained innovation successfully transformed the face of the Indian financial markets and helped the country realise its ‘Make in India’ much before the government conceptualized it.
However, these efforts went down the drain at the behest of some vested interests who launched a premeditated 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 the company’s subsidiaries—the National Spot Exchange Limited (NSEL).
Fearing the company’s rapid growth, the negative forces worked around the corner to bring Mr. 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 Mr. 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.
