INSUBCONTINENT EXCLUSIVE:
New Delhi: 63 Moons Technologies Monday said it has served legal notices to Congress leader P Chidambaram and two civil servants informing
them of the company's intention to move court to seek damages worth Rs 10,000 crore in connection with the NSEL scam.
Formerly known as
Financial Technologies Ltd (FTIL), 63 Moons and some of its former executives, including founder Jignesh Shah, are under the scanner of
multiple probe agencies regarding the Rs 5,600 crore payment scam at the now defunct National Spot Exchange Ltd (NSEL).
Against this
backdrop, 63 Moons chairman Venkat Chary Monday said legal notices have been served to Chidambaram, former Additional Secretary at the
Finance Ministry K P Krishnan and former Forward Markets Commission (FMC) Chairman Ramesh Abhishek for allegedly destroying the ecosystem
and causing huge damage to the company's shareholders.
Chidambaram was finance minister when the NSEL crisis came to light in late 2013
While FMC has since been merged with markets regulator Sebi, Abhishek is presently Secretary of the Department for Promotion of Industry and
Krishnan is currently the Skill Development and Entrepreneurship Secretary.
Speaking to reporters here, Chary said the company has also
filed a criminal complaint with the CBI against the three individuals for allegedly taking "malafide actions against 63 Moons by abusing
their powers".
Chary claimed that the three individuals allegedly played a proactive role 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"
"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," he said, adding that suits will be filed in the Bombay High Court.
Chary alleged that Chidambaram
had approved a note of Krishnan forcing other co-promoters of commodity bourse NCDEX to sell their stake to the NSE clearly revealing their
mala fide interference in the competition within the exchange industry.
Further, he alleged that Abhishek was "aware of the role of brokers
and traders but acted in a partisan manner only against NSEL and its parent company."
Jignesh Shah, founder of erstwhile FTIL, alleged that
it was not a crisis but a conspiracy to destroy the FTIL Group.
Of the Rs 5,600 crore payment, Rs 600 crore has been paid so far to genuine
About Rs 3,600 crore decree has to be executed, while Rs 1,000 crore in the pipeline, Shah added.
Further, Shah claimed that the Serious
Fraud Investigation Office (SFIO) report on the NSEL scam had put the spotlight on the defaulting brokers, traders and the executive
management of the spot exchange.
He also hoped that Sebi would take action against the defaulting entities.
The investigation made so far by
the EOW, CBI and ED against the NSEL and its parent company has clearly established that the entire money trail has been traced to 22
defaulting members of NSEL, Shah said.
