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FTIL case: Jignesh Shah, 9 others declared 'not fit and proper' to hold office

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A National Company Law Tribunal division bench has declared Jignesh Shah, chairman emeritus and mentor of 63 Moons, and nine other persons not fit to be directors, or hold any other office connected with the management of 63 Moons and its subsidiary National Spot Exchange Ltd (NSEL). This was the sum and substance of a Chennai NCLT bench order in response to a petition filed by the Union Government in 2015 for superseding the board of 63 Moons, formerly known as Financial Technologies for their alleged role in the Rs 5,600-crore NSEL scam of 2013, resulting in the suspension of trade on the exchange. (Text: ET Bureau)

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