Jignesh Shah Nothing less than a Phoenix

1. 63 Moons JIGNESH SHAH: NOTHING LESS THAN A PHOENIX

2. As the age-old adage goes – slow and steady wins the race – is finally coming to terms with the Bombay High Court order that quashed attachment of assets of Jignesh Shah’s flagship company 63 moons technologies limited in the National Spot Exchange Limited (NSEL) case. The honourable high court 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.

3. The seeds of malice against the exchange, its parent company and its promoter, Jignesh Shah have been sown so deep that the market regulator and the investigating agencies have refused to look at the other side for the longest time. Needless to say, all lies around the NSEL crisis are being nailed one by one after the recent 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 Jignesh Shah were persecuted under the MPID Act despite the said act not being applicable to a market dispute. The Bombay High Court has now ruled that the MPID does not apply to NSEL since it was not a financial establishment and hence all attachments made under the MPID stand quashed.

4. Thank You