63 moons technologies Technology

Jignesh Shah: The Man Who Rose Like a Phoneix

From being a rookie engineer to a billionaire even before he hit the age of 40 years, tech innovator, Mr. Jignesh Shah, has been a great motivation to a number of youths in India and outside. Somebody who began with his own company in 1995, setting up as many as 9 world-class exchanges all over the world, was nothing short of spectacular for his contemporaries.

However, seeing his rapid rise, certain vested interests worked around the corner to bring him down using illegal, unjust and unfair means. This nexus of politicians and bureaucrats went beyond harming him and his exchange empire of the 63 moons group.

His flagship company, 63 moons technologies limited, then known as FTIL, was dragged into an artificially created Rs 5,600 crore payment default crisis at one of its subsidiaries, the National Spot Exchange Limited (NSEL). Time has been a witness to all the concentrated actions that have been taken against the company and its founder Mr. Jignesh Shah without any adjudication at all.

However, the tide changed and finally the wheels of justice started rolling. In April 2019, the Supreme Court set aside the Bombay High Court judgment approving the forced merger of crisis-hit NSEL with parent company, 63 moons, in so-called public interest under Section 396 of the Companies Act stating that there was no public interest involved in passing the order.

In August 2019, the Bombay High Court, too, quashed attaching assets of 
Mr. Jignesh Shah’s company 63 moons technologies in the NSEL case as it ruled NSEL was not a financial establishment. Mr. Jignesh Shah’s entrepreneurial journey shows that if you are right and the truth is on your side, no force, however evil, can defeat you ultimately. His rise from the ashes after the annihilation of his group company reminds you of the proverbial rise of the Phoenix!

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