WARRIOR JIGNESH SHAH KEPT MARCHING DESPITE HEAVY ODDS
It was a
fairly straightforward vision. Build an innovative empire so big that it
intimidates competitors by its sheer size and entrepreneurial aggression. Build
a bulwark so strong that it cannot be undone, at least legitimately. But
winning battles is no walk in the park. Jignesh Shah, known as the Exchange Man
of India has fought similar battle few others would dare to fight.
Sharp- witted
Jignesh Shah who knew the art of moving mountains, decided to carve his own
path and gave India a series of multi asset exchanges, a feat that led his
rivals to target his exchange empire with the help of then Finance
Minister P. Chidambaram, who wanted to protect the interests of
competitors for his own personal benefits.
A sinister
plan ensured a payment default crisis of Rs 5,600 crore at NSEL which was kept
alive deliberately, rather than allowing it to be settled. The purpose of such
a move was to finish the Jignesh Shah promoted exchanges and other associated
entities just because he had proved to be a threat to the monopoly of NSE,
Chidambaram's pet exchange.
This
unprecedented step led to an abrupt closure of NSEL. Not only this, it was
Chidambaram saw to it that the then regulator FMC created many administrative,
regulatory and legal hurdles—bypassing all established norms—just to ensure
that Jignesh Shah and FTIL were systematically trapped in a deliberately
created mire.
Needless to
say, the decimation of the FTIL group in the exchange space caused great loss
to the nation, including jobs. Jignesh Shah who is standing tall past six years
has now all the hopes from the Modi government to investigate the “unholy
nexus” of the Chidambaram network, which benefited from vested
interests and foreign operators at the expense of Indians.
Jignesh
Shah's flagship company FTIL (now known as 63 moons) has filed a Rs 10,000
crore damages suit against Chidambaram and his close IAS officers, Ramesh
Abhishek, the then FMC chairman, and KP Krishnan, the then joint secretary in
the Ministry of Finance, who connived to take unwarranted actions against the
FTIL group leading to loss of millions of jobs and revenue to the company.
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