63 Moons filing Rs 10\,000 crore damage suits against Chidambaram\, two others

63 Moons filing Rs 10,000 crore damage suits against Chidambaram, two others

ANI 

said despite the fact that there is no trail traced to NSEL, 63 moons and its founder, the group has been singularly targeted as part of a conspiracy. "On account of these malicious actions perpetrated against the company, a damage of Rs 10,000 crore has been caused to its shareholders," he informed stock exchanges.

Chary said 63 Moons has taken a serious note of the role played by three individuals: former Minister P Chidambaram, former K P Krishnan and former of the (FMC)

The company firmly believes about their proactive roles in perpetrating the crisis and destroying the exchange ecosystem to favour the competitor National Stock Exchange, resulting in a huge damage to the shareholders of 63 Moons, loss of employment and incomes in the economy, he said.

"As a result, the company has decided to file damage suits of Rs 10,000 crore against and others in their individual capacities for taking mala 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," said Chary.

Much before the report of (SFIO), the was aware of the role of brokers and traders. It however acted in a partisan manner only against and its parent company. For example, the was mandated under the law to communicate information relating to illegal forward trading to police authorities.

Chary said no such information was forwarded by the against brokers and traders. "Thus, there was a clear dereliction of duty and misuse of official position on the part of the then FMC in selectively targeting the parent company of NSEL, despite no money-trail to them."

The sequence of events and the evidence that has surfaced so far also shows that and Krishnan played a dubious role in destroying the ecosystem created by to favour the competitor NSE, he said. A case in point is the note of Krishnan approved by forcing other co-promoters of to sell their stake to make NSE a lead promoter, clearly revealing their mala interference in the competition within the exchange industry.

"This hounding of the 63 group has not only caused serious loss to its investors but has done irreversible damage to the entire exchange eco-system, the existing jobs and creation of new jobs," said Chary.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 19 2019. 13:40 IST