Years after when the clouds of NSEL payment default crisis are dispersing, Jignesh Shah, the founder of 63 moons technologies limited, parent company of NSEL, had to eventually exit all the exchanges and related businesses set up by him, including the flagship Multi-Commodity Exchange (MCX), as his empire was looked upon as a huge threat by certain forces who envied the company and thus perpetrated an artificial payment default crisis at NSEL. Consequently, Shah has been fighting a prolonged legal battle on multiple fronts ever since NSEL crisis broke out in 2013.
This is despite that the entire money trail of NSEL’s default amount has been established to the 24 defaulters who themselves have accepted and promised to repay but unfortunately all the executive actions have been targeted against Jignesh Shah and his 63 moons Group.
As the truth is unfolding behind the crisis and the wheels of justice have come a full circle. For instance, two back-to-back landmark judgements came in favour of Jignesh Shah and his company. One of the victories was when 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. Similarly, later the Supreme Court also set aside a government order to forcibly merge NSEL with 63 moons, which was indeed a huge relief for the company, its shareholders, employees and stakeholders and the entire corporate India at large.