NIF, Chief Sharad Saraf tender apology to 63 moons, Jignesh Shah at Delhi HC. Image Source: IANS News

New Delhi, April 14 : National Spot Exchange Ltd (NSEL) on Wednesday said NSEL Investors' Forum (NIF) and its chief Sharad Saraf have tendered an unconditional apology in the Delhi High Court to 63 moons technologies and its founder Jignesh Shah and also agreed to withdraw the defamatory tweet and document maligning them.

NIF and Saraf had published a defamatory tweet and document with the intention of smearing the name of Jignesh Shah and 63 moons, NSEL said in a statement. "Against this untrue propaganda and blatant lies, Jignesh Shah had filed a civil suit against Sharad Saraf seeking declaratory and injunctive relief." While the matter was pending, NSEL said that Saraf and NIF requested Shah to settle the matter. Insisting that the truth should be on the record, Shah demanded an unconditional apology and withdrawal of tweets and maligning documents, which was accepted by both NIF and Saraf. The NIF chief was also asked to apologise on a public forum, which he did through Twitter.

Earlier this month, Ketan Shah, who heads NSEL Investors Action Group (NIAG) stood exposed when his petition got dismissed both in Bombay High Court and subsequently in the Supreme Court where he wanted to block payment to 6,445 small traders out of the 13,000 "questionable" traders of NSEL, the statement said.

NSEL said the recent developments clearly established that truth cannot be suppressed perpetually. The NSEL payment default crisis was created, fuelled, and kept unsolved for eight years, while it was solvable in eight days, it said.

"The trio of Ramesh Abhishek, K.P. Krishnan and P. Chidambaram engineered this crisis to eliminate 63 moons group from exchange space and thereby protect the monopoly of the National Stock Exchange (NSE). The biggest ever stock exchange scam of co-location with Algo-trading, was going on in NSE since 2008 with the blessings of this trio and their cartel of brokers," NSEL alleged.

The company said "the aggressor groups of NSEL Aggrieved and Recovery Association (NAARA), NIAG and NIF have misled the traders by promising them recovery by illegally attacking 63 moons and Jignesh Shah, instead of defaulters and brokers, where the legal rights of traders for recovery lie under the client-broker agreement".

"These groups have misled investigations by the EOW, ED, CBI and SFIO to gratify P. Chidambaram, Ramesh Abhishek, and K.P. Krishnan and their cartel of brokers and defaulters, where the money trail is 100 per cent established, and who are the actual beneficiaries of crime," it added.

NSEL said the barter taken for this can be unearthed if a detailed income tax (IT) and money laundering (PMLA) probe is done on Ketan Shah's and NIAG's accounts.

"The exponential rise in the income of Ketan Shah post-2014 from Rs 16 lakh to Rs 16 crore coincides exactly with the time when he started trading the 'pain of traders' and masquerading as the messiah of traders. However, the naked truth is that he is the only one who opposed payment to small traders by filing a writ petition, which eventually Bombay High Court and also the Supreme Court dismissed," it pointed out.

NSEL urged all genuine trader claimants and bonafide traders' groups to join hands with it to pursue recovery. "We also invite Sharad Saraf and NIF to join the recovery efforts of the Exchange and now do a truthful service to genuine traders, unlike NIAG and NAARA." NSEL has been striving to recover the default amount from the 22 defaulting entities, which has resulted in obtaining the decree of Rs 3,365 crore and crystallisation of liability by the High Court Committee to the tune of over Rs 900 crore, which is pending confirmation by the Bombay HC, and an injunction of Rs 4,515 crore.

The company said it is confident that after eight years, the truth is getting firmly established and will finally be victorious also.

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