63 Moons Technologies, formerly known as FTEL has filed a lawsuit against former Finance Minister P Chidambaram, then Forwards Markets Commission (FMC) Chairman Ramesh Abhishek and then Additional Secretary in Finance Ministry KP Krishnan claiming Rs 10,000 crores in damages for their “proactive role” in contributing to the fall of the exchange ecosystem created by 63 moons in favour of NSE, its primary competitor, reports The Hindu Business Line (BL).
The case refers to a 2013 payment default that occurred at the National Spot Exchange Limited (NSEL). 63 Moons and some of its former executives, including founder Jignesh Shah, are currently being investigated by multiple probe agencies regarding the Rs 5,600 crore payment scam at the Exchange.
“We have today issued notices to the three, conveying our decision to file Rs 10,000-crore damage suits before the Bombay High Court,” said 63 moons Chairman Venkat Chary yesterday (18 January).
63 Moons has also filed a criminal case against the three individuals alleging corruption and criminal conspiracy.
“Despite the fact that there is no money trail traced to the NSEL, 63 moons and its founders were investigated by several agencies,” the company noted.
Blaming the former regulatory body, FMC of bias, Jignesh Shah, mentor to 63 moons said, “Much before the SFIO (Serious Fraud Investigation Office) report, the FMC was aware of the role of the brokers and traders. It, however, acted in a partisan manner only against NSEL and its parent company”.
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