Jignesh Shah ‘Committed To Rise Like Post-World War Japan’ After Winning Asset Attachment Case
Jignesh Shah in Mumbai, India. (Photographer: Amit Bhargava/Bloomberg News)  

Jignesh Shah ‘Committed To Rise Like Post-World War Japan’ After Winning Asset Attachment Case

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Enthused by a Bombay High Court order quashing attachment of assets of his flagship firm 63 Moons Technologies in the National Spot Exchange Ltd. case, embattled businessman Jignesh Shah on Thursday that he is committed to “rise like Japan did after Hiroshima and Nagasaki”.

The court has ruled that the NSEL is not a financial establishment and hence notifications for attachment of the company’s assets, including bank accounts and properties, under the Maharashtra Protection of Interests of Depositors in Financial Establishments Act, stand quashed.

Shah, chairman of 63 Moons Technologies, said the court’s judgment is a “signature of God” in the current trend of developments where “truth is winning and all kinds of lies are getting nailed”.

“From day one, I and my 63 Moons, have maintained utmost faith in the Indian judiciary and we have fully complied with all investigative agencies and the courts and, will continue to do so. I want to reiterate that truth prevails and triumphs!” he said.

I thank all our well-wishers, shareholders and stakeholders for standing by us and, we are committed to rise like Japan as it did after the bombings of Hiroshima and Nagasaki
Jignesh Shah, Chairman, 63 Moons Technologies

According to Shah, he got back his personal liberty on Aug. 22, 2014 with the court ruling that there was no money trail to NSEL, Financial Technologies (India) Ltd. or him. FTIL was renamed as 63 Moons.

“Exactly 5 years later, 63 Moons, the company I founded, has got economic liberty from the attachment under MPID Act,” he said.

“What is even more significant about this timing is that, the creator of the political conspiracy who illegally applied forced merger on NSEL and FTIL under Section 396 of the Companies Act, MPID and so many other illegal measures using the wrong means of Mayaram Committee Report as designed by P Chidambaram, also got the due. One by one, the court of law is demolishing all these illegal actions,” he said.

As per the statement, the court has quashed all the notifications issued by the state government in 2016 and 2018 attaching movable and immovable properties of 63 Moons under the MPID Act, 1999.

A Rs 5,600-crore payment crisis at the NSEL came to light in late 2013 and later the exchange was closed.

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