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Jignesh Shah A Ray of Hope for Financial Technology Innovations

More than six years after innovator Jignesh Shahu2019s erstwhile spot exchange NSEL got engulfed in an alleged u20b95,600-crore payment default crisis, Shah saw a ray of hope when the huge landmark judgements came in favor of him and his shareholders.

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Jignesh Shah A Ray of Hope for Financial Technology Innovations

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  1. JIGNESH SHAH: A RAY OF HOPE FOR FINANCIAL TECHNOLOGY INNOVATIONS

  2. More than six years after innovator Jignesh Shah’s erstwhile spot exchange NSEL got engulfed in an alleged ₹5,600-crore payment default crisis, Shah saw a ray of hope when the huge landmark judgements came in favor of him and his shareholders. Firstly, the Bombay High Court ruled that the NSEL was not a financial establishment and quashed the attachment of assets, including bank accounts and properties, of 63 moons technologies limited, the parent company of Shah-led group which was earlier known as Financial Technologies India Limited (FTIL). Similarly, the Supreme Court also set aside a government order to merge NSEL with 63 Moons which was indeed a huge relief for the company as well as its stakeholders.

  3. Jignesh Shah, hailed as the Exchange Man of India, found himself engulfed in a politico-bureaucratic-corporate conspiracy and as a result, he had to exit all his exchange businesses after NSEL crisis. It was projected by the vested interests that Jignesh Shah is fall guy of NSEL crisis. However, the truth was far from different. Only after probe, it was established that not even a single penny of the default amount has been traced to Jignesh Shah and his companies. Despite that Jignesh Shah has been repeatedly harassed and hounded through various executive actions merely based on perceptions.

  4. THANK YOU

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