Jignesh Shah-led 63 Moons Technologies Limited, formerly known as Financial Technologies (India) Limited (FTIL), has filed legal notices against the former Finance Minister P Chidambaram regarding his alleged involvement in the NSEL case. On February 18th, 63 Moons officials declared that it has served legal notices to the Congress leader P Chidambaram along with two other civil servants. The entity found these individuals guilty of causing damage amounting to Rs 10,000 crore in relation to the NSEL case.
In 2013, National Spot Exchange Limited, promoted by FTIL, faced a payment crisis of Rs 5,600 crore after which it was shut down later that year. Subsequently, all key members of the organization, including the founder Jignesh Shah, came under the suspicion of the probe agencies. He was arrested and his passport was confiscated too. However, he was later released on bail and since then, has remained tangled in the NSEL case. As the probe agencies investigated the case, new information were unveiled and two brokers, Moitlal Oswal and India Infoline (IIFL), have been declared ‘not fit and proper’ by SEBI as well.
In the recent events, 63 Moons chairman Venkat Chary informed that legal notices have been served to the former Finance Minister Chidambaram, former Additional Secretary at the Finance Ministry K P Krishnan and former Forward Markets Commission (FMC) Chairman Ramesh Abhishek for being allegedly involved in destroying the organization’s ecosystem and causing huge damage to the company’s shareholders. Further, Chary announced that a criminal complaint has been filed with the CBI against these individuals for allegedly taking “malafide actions against 63 Moons by abusing their powers”.
Chary further claimed that these individuals were involved in “perpetrating the crisis, destroying the exchange ecosystem created by the FTIL in order to favour competitor National Stock Exchange (NSE) resulting in huge damages to the shareholders of 63 Moons Technologies…”. He also added, “As a result, the company has decided to file legal suits, seeking damages worth Rs 10,000 crore, against former Finance Minister P Chidambaram and others. Today, we have served the notice to them,”.