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. However, fintech innovator Jignesh Shah, currently chairman emeritus, 63 moons technologies limited, makes the cut, through his sustained innovation and has also successfully transformed the face of the Indian financial markets helping the country realise its ‘Make in India’ in the 1990s.
Jignesh Shah went on to set up 10 world-class exchanges under his flagship company FTIL (now known as 63 moons technologies limited), in various asset classes, in just a decade across geographies. Shah also successfully established electronic silk and spice routes right from Africa, to the Middle-East and South-East Asia. However, these efforts were undermined at the behest of certain 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 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 forced merger of crisis-hit NSEL with parent company, 63 moons, in 'alleged' public interest under Section 396 of the Companies Act saying there was no public interest in passing the said order. The SC ruling came as a major boost for corporate India. In his second innings, Jignesh Shah is now raring to act as a mentor and catalyst for millions of young entrepreneurs of India helping them generate 10 crore jobs in the next decade. Also Read: Jignesh Shah: A symbol of unbridled will & perseverance
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12/28/2022 07:21:07 am
Thanks for sharing such a informative blog! Your professional looking invoice is ready in an instant. And you can drop in your business logo to give it the personal touch.
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