{"id":34336,"date":"2014-07-22T10:45:09","date_gmt":"2014-07-22T05:15:09","guid":{"rendered":"https:\/\/www.legalindia.in\/news\/?p=34336"},"modified":"2014-07-22T10:45:10","modified_gmt":"2014-07-22T05:15:10","slug":"hc-reserves-order-bail-plea-jignesh-shah","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/hc-reserves-order-bail-plea-jignesh-shah","title":{"rendered":"HC reserves order on bail plea of Jignesh Shah"},"content":{"rendered":"<p><a href=\"https:\/\/www.legalindia.in\/news\/hc-reserves-order-bail-plea-jignesh-shah\/jignesh-shah\" rel=\"attachment wp-att-34337\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"34337\" data-permalink=\"https:\/\/www.legalindia.com\/news\/hc-reserves-order-bail-plea-jignesh-shah\/jignesh-shah\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2014\/07\/jignesh-shah.jpg?fit=236%2C213&amp;ssl=1\" data-orig-size=\"236,213\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"jignesh shah\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2014\/07\/jignesh-shah.jpg?fit=150%2C135&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2014\/07\/jignesh-shah.jpg?fit=236%2C213&amp;ssl=1\" class=\"alignright wp-image-34337 size-full\" src=\"https:\/\/i0.wp.com\/www.legalindia.in\/news\/wp-content\/uploads\/2014\/07\/jignesh-shah.jpg?resize=236%2C213&#038;ssl=1\" alt=\"jignesh shah\" width=\"236\" height=\"213\" srcset=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2014\/07\/jignesh-shah.jpg?w=236&amp;ssl=1 236w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2014\/07\/jignesh-shah.jpg?resize=150%2C135&amp;ssl=1 150w\" sizes=\"auto, (max-width: 236px) 100vw, 236px\" \/><\/a>The Bombay High Court Monday reserved its order on the bail plea of Jignesh Shah, promoter of Financial Technologies (Indian) Ltd which holds 99.99 per cent of scam-tainted National Spot Exchange Ltd (NSEL). He was arrested in connection with the Rs 5,600 crore payment crisis at NSEL.<\/p>\n<p>Economic Offences Wing (EOW) Avinash Avhad told Justice A M Thipsay the agency is still investigating the case and yet to file chargesheet against Shah.<\/p>\n<p>\u201cWhat is the subsequent development that suddenly prompted you (EOW) to arrest and show his (Shah) involvement?\u201d asked Justice Thipsay.<\/p>\n<p>Senior Counsel Ram Jethmalani, who represented Shah said, \u201cIt is the broker\u2019s scam. They always put one person in front so that they can get out.\u201dThe court asked Avhad what EOW had done to arrest brokers after Jethmalani said brokers had enticed investors to put in their money in NSEL.<\/p>\n<p>At this, around 60-70 investors present in the courtroom shouted saying it was Shah too who promised them assured returns. Justice Thipsay warned all of them and said, \u201cI will take all of you in custody.\u201d While posting the order\u2019s pronouncement on Tuesday, the court warned the investors again to maintain decorum after the order is passed.<\/p>\n<p>The High Court on May 9 granted bail to Anjani Sinha, former managing director and chief executive officer of NSEL and prime accused in the case. Shah was arrested on May 7 in connection with the scam. Sinha had earlier claimed that Shah was trying to shirk responsibility and put the entire blame on him.<\/p>\n<p>The scam came to light on July 31 after the NSEL suspended trading in all but its e-series contracts. The suspension was reportedly carried out after the Ministry of Consumer Affairs instructed the exchange not to offer futures contracts.<\/p>\n<p>(Source: PTI)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bombay High Court Monday reserved its order on the bail plea of Jignesh Shah, promoter of Financial Technologies (Indian) Ltd which holds 99.99 per cent of scam-tainted National Spot Exchange Ltd (NSEL). He was arrested in connection with the Rs 5,600 crore payment crisis at NSEL. Economic Offences Wing (EOW) Avinash Avhad told Justice [&hellip;]<\/p>\n","protected":false},"author":21,"featured_media":34337,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[47741,29194,10308,47765,10309,2000,47774,47775,23371],"class_list":["post-34336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-law-news","tag-bombay-high-court","tag-hc-reserves-order-on-bail-plea-of-jignesh-shah","tag-national-spot-exchange-ltd","tag-news","tag-nsel","tag-senior-counsel-ram-jethmalani","tag-todays-news","tag-todays-top-news","tag-top-news"],"yoast_head":"<!-- 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