It’s time for fintech czar Jignesh Shah to win the race again. The age-old adage of Truth Prevails is finally coming true with the recent Bombay High Court order which quashed attachment of assets of Jignesh Shah’s flagship company 63 moons technologies in the National Spot Exchange Limited (NSEL) case.
The HC ruled that NSEL is not a financial establishment and hence notifications for attachment of the company’s assets, including bank accounts and properties under the MPID (Maharashtra Protection of Interests of Depositors in Financial Establishments) Act stand quashed. 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. The court had issued a notice to the state government asking it to seize the assets of the accused brokers. 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. Needless to say, all lies around the NSEL crisis are being nailed one by one after the recent court orders. The seeds of malice against the exchange, its parent company and Jignesh Shah have been sown so deep that the then commodities market regulator FMC and the investigating agencies have refused to look at the other side for long. There has been one-sided war and persecution, in which 63 moons has been conveniently made a scapegoat; all concentrated actions have been directed against it & Jignesh Shah, turning them victims of vendetta. However, Jignesh Shah has continued to fight against his adversaries & always placed utmost faith in the judiciary. It is this belief in truth that is rewarding him now as one after another, his company is winning cases in the courts and justice is knocking on his doors!
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September 2020
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