With the summoning of P Chidambaram, K.P. Krishnan, and Ramesh Abhishek by Jignesh Shah-led 63 Moons, in the Bombay High Court, it has become imperative that the parties provide a statement. The proceedings have brought true light on the situation, with the parties involved to provide a statement. 63 Moons’ promoter, Jignesh Shah, has moved the courts in a prudent manner, to deliver justice to shareholders and members of the financial trading community. The mala fide parties will have to be answerable for their role in the case, while allowing for a more complete picture of the truth.
The INR 10,000 crore lawsuit is focused on the damages to 63 Moons, in relation to the NSEL case. The deadline of October 15th has been given to the parties involved to become present in the courts for their statement. As the company has been facing targeted actions, as per the lawsuit, the individuals named will have to provide their statement by the due date mentioned.
The lawsuit states that there is no paper trail or concrete evidence showing that there is a tie in between NSEL and Jignesh Shah (FTIL). This is after multiple layers of investigations from different agencies around the country. The company may have been targeted directly by the mentioned parties, as per the lawsuit filed by 63 Moons. Innovation, job creation and growth of the economy could have been impacted.
While an extensive media presentation was delivered by 63 Moons, it suggested an involvement by Abhishek, previously FMC Chairman, as playing a proactive role in the situation. A criminal case has also been filed by the company, with supporting evidence with regards to the payment crisis.
A clear example of this, as listed in the lawsuit is the action taken by K. P. Krishnan. Post taking approval from P. Chidambaram, he forced co-promoters of NCDEX to sell off their stake and make NSE a lead promoter.
The lawsuit will eventually help illuminate the situation, as innovation was driven out of competitive markets in India. While the country was on the brink of financial revolution long-term, mala fide parties may have curbed the growth of the platform all together. The lawsuit should bring light to the nefarious actions perpetrated against the firm, while giving insights into what truly transpired during the time.
While the push for an NSEL and FTIL merger was set aside by the Supreme Court, a clear message was sent to the financial community. Any individual can move the courts to bring truth to the public. By leveraging the right protocols within the judicial system, 63 Moons was able to get the right steps in place for bringing justice.