Fi­nan­cial Tech­nolo­gies changes name to 63 Moons

The Pak Banker - - COMPANIES/BOSS -

MUM­BAI: Jig­nesh Shah-pro­moted Fi­nan­cial Tech­nolo­gies In­dia Ltd (FTIL) has changed its name to 63 Moons Tech­nolo­gies Ltd, the com­pany said in a stock ex­change state­ment on Wed­nes­day.

"As you are aware, the com­pany has an­nounced on Novem­ber 20, 2014, its vi­sion of 'Dig­i­tal In­dia @ 2025', the en­gine driv­ing the trans­for­ma­tion of FTIL into mak­ing F 3.0 the de facto 'pow­ered by' tech­nol­ogy part­ner of choice to cre­ate and de­velop dig­i­tal ecol­ogy lever­ag­ing SMAC (so­cial, media, an­a­lyt­ics and cloud) tech­nol­ogy stack. Hence, it is im­per­a­tive to give the com­pany a new name and iden­tity that re­flects the ge­n­e­sis of its busi­ness and the next phase of growth," the state­ment said.

A let­ter ad­dressed to the share­hold­ers of the com­pany said the new name is based on the fact that Jupiter, the largest planet in the so­lar sys­tem, has 63 moons. "For the name, we drew the in­spi­ra­tion from the 63 moons of Jupiter, the most pow­er­ful planet in the uni­verse that stands for knowl­edge, wis­dom, fore­sight and, above all, growth and pros­per­ity," said the let­ter, which is part of the com­pany's state­ment. The change of name will be sub­ject to ap­proval from share­hold­ers in the gen­eral meet­ing and the Reg­is­trar of Com­pa­nies. The com­pany has made the nec­es­sary ap­pli­ca­tions to the author­i­ties con­cerned. FTIL has been un­der the reg­u­la­tory scan­ner of var­i­ous author­i­ties such as the For­ward Mar­kets Com­mis­sion, the Eco­nomic Of­fences Wing of the Mum­bai Po­lice, the En­force­ment Di­rec­torate and the min­istry of cor­po­rate af­fairs for its al­leged role in the Rs.5,574 crore set­tle­ment fraud at Na­tional Spot Ex­change Ltd (NSEL). FTIL holds a 99.99% stake in NSEL.

"One day, truth will get es­tab­lished about the loss to the fi­nan­cial ecosys­tem caused by vested in­ter­ests in elim­i­nat­ing FTIL from fi­nan­cial and com­mod­ity sec­tor by un­fair means," the com­pany said in its let­ter to share­hold­ers.

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