High Court (India)

August 02, 2019

Bombay High Court Summons Chidambaram, Two Senior Bureaucrats In Rs 10,000-Crore Lawsuit Filed By 63 Moons

[ By Bobby Anthony ]


Former Union Finance Minister P Chidambaram and top serving bureaucrats, K P Krishnan and Ramesh Abhishek have been summoned by the Bombay High Court in connection with a Rs 10,000 crore damage suit filed by 63 Moons Technologies.

They have been asked to remain present in person before the Bombay High Court on October 15.

Earlier, 63 Moons Technologies, which was formerly known as Financial Technologies Ltd (FTIL), had filed the suit against them for their alleged role in engineering the National Spot Exchange Ltd (NSEL) payment default crisis.

The petition alleged that Chidambaram, Krishnan, Secretary, Ministry of Skill Development, and Ramesh Abhishek, who was the then Chairman of Forward Market Commission (FMC), and now the outgoing Secretary of the Department for Industrial Policy and Promotion (DPIIT) had engineered the NSEL payment default crisis due to which the company had to face targeted and mala fide actions.

The petition stated that multiple investigating agencies failed to trace any money trail back to NSEL, 63 Moons Technologies and its founder Jignesh Shah. It alleged that 63 Moons Technologies and its founder Jignesh Shah were singularly targeted as part of a conspiracy by Chidambaram, Krishnan and Abhishek who wished to protect the National Stock Exchange (NSE) in which they had vested interests.

The petition alleged the sequence of events and the evidence so far also showed that the then Finance Minister Chidambaram and Krishnan had played a dubious role in destroying the ecosystem created by 63 Moons Technologies, in order to favor its competitor NSE.

Malicious actions perpetrated against 63 Moons Technologies through abuse of power by Ramesh Abhishek who was the then Forward Markets Commission (FMC) Chairman, as well as Chidambaram and Krishnan had caused a damage of Rs 10,000 crore to its shareholders, the petition alleged.

Incidentally, 63 Moons Technologies has also filed criminal complaints against these individuals with the Central Bureau of Investigation (CBI), along with supporting material.

It may be recalled that on previous occasions, 63 Moons Technologies founder Jignesh Shah has claimed that the Rs 5,600 crore NSEL payment default in July 2013 was not a crisis but a conspiracy to destroy the FTIL Group, which is presently known as 63 Moons Technologies.

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