Jignesh Shah

Apex court says petition moved by IL&FS Financial Services filed after three years, falls outside limitation period

The comments assume significance in the wake of water conservation being one of the top priorities for the Modi government

After a payment default of Rs 5,600 crore in 2013 at his smallest venture National Spot Exchange Ltd, Shah was forced out of all Sebi-regulated businesses under regulatory orders

He said the recovery group at NSEL has managed to establish full money trail of the entire amount of Rs 5,600 crore

The petition also contests the CBI claim of a "windfall gain" made by 63 Moons between the in-principle and final approval for the initial public offering (IPO) of equity by MCX

CBI arrested Shah on Sept 20 for alleged suppression of facts 6 years ago while seeking renewal of MCX - SX licence

The court is set to pronounce the verdict tomorrow

CBI seeks change in public prosecutor which the court granted

Shah is accused of cheating (Sec 420 of IPC) on account of suppression of details of the buyback arrangement

During the hearing, the CBI counsel said Shah had misrepresented facts for getting licence for MCX-SX in 2004

CBI also searched at least five current and former Sebi officials who were named in an FIR filed by it

Shah was arrested on July 13 under the Prevention of Money Laundering Act (PMLA) by the Enforcement Directorate

A division bench said there was no urgency and the company should approach a regular bench on July 25 when the matter is scheduled for hearing

ED arrested Shah on July 12 under PMLA on fresh findings related to Rs 3,721 cr money trail

The agency had prosecuted NSEL and 67 others in March last year under PMLA over Rs 3,721.22 cr money trail

This follows a fresh complaint by Member of Parliament Kirit Somaiya and reportedly a presentation made by the NSEL Investors Forum to the ED. This is the second time Jignesh Shah has been arrested

A look at the concerted action taken by different govt agencies to nail Jignesh Shah

Latest evidence suggests that powerful forces may have been at work to scuttle his foray into the stock exchange business

The probe agency will produce him tomorrow before Special PMLA court; seeks custody