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Tech company to file damage suits against P Chidambaram

Devdiscourse News Desk new delhi India
Updated: 18-02-2019 21:27 IST
Tech company to file damage suits against P Chidambaram

The company believes that Chidambaram along with others played proactive role in perpetuating the crisis. Image Credit: Wikimedia Commons

Venkat Chary, Chairman of 63 moons Technologies, formerly Financial Technologies, on Monday said his company will file for damages worth Rs 10,000 crore against former Finance Minister P. Chidambaram and then Chairman of Forward Markets Commission, Ramesh Abhishek, and former Additional Secretary for Finance K.P. Krishnan. The company on Monday served notices to the three individuals, Chary said.

He noted that the company believes they played proactive roles in perpetuating the crisis, destroying the exchange ecosystem to favour the competitor -- National Stock Exchange (NSE) -- which resulted in huge losses to shareholders of 63 moons Technologies and loss of employment. "The company has decided to file damage suits of Rs 10,000 crore against P. Chidambaram and others, in their individual capacities for taking mala fide actions against 63 moons by abusing their powers. Notably, the company has already filed criminal complaints against these three individuals with the CBI along with supporting materials," a statement by the company said.

"Curiously, they did not come forward to participate in an open public debate that 63 moons offered on August 4, 2018, to bring out the truth," it said. Speaking to reporters here, Jignesh Shah, the promoter of NSEL (National Spot Exchange Ltd) and currently the mentor of 63 moons Technologies said that the alleged Rs 5,600-crore NSEL scam could have been solved much earlier, if then market regulator, Forward Markets Commission (FMC) had acted in time.

(With inputs from agencies.)