FTIL is now 63 moons technologies

Financial Technologies India, the promoter of scam-tainted National Spot Exchange NSEL), has received Registrar of Companies’ approval to change its name to ‘63 moons technologies limited’.

In a submission to stock exchanges on Friday, FTIL said the Registrar of Companies, Chennai, has approved the applications made by the company for change of name and alteration/ amendment of main object clause of the Memorandum of Association of the company… in order to amplify and elucidate the technology initiatives in new verticals.

The name change to ‘63 moons technologies limited’ would be effective from May 27, it added.

e-polling Earlier, the entire public institutional investors who participated in the e-polling conducted by the company approved the name change, while 99.95 per cent of public investors gave their nod to the proposal.

In a letter addressed to shareholders last August, Financial Technologies promoter Jignesh Shah said the new name is based on the fact that Jupiter, the largest planet in the solar system, has 63 moons. The intention is to get inspiration from the 63 moons that stand for knowledge, wisdom, foresight and, above all, growth and prosperity, it said.

The letter added that the company will create a laboratory of global standards on the lines of Bell Labs, Google Labs and Apple Labs to explore innovative technology products in areas such as artificial intelligence, speech recognition and behavioural sciences, among others. The lab will be named JS Innovation Lab.

Vision The company will also “actively participate and partner in the development of technologies and innovative IPs (intellectual property) in new generation verticals that among others include, medicine/life sciences, sports, education, digital media, robotics, e-commerce (3.0) financial markets and agri tech,” said the letter.

The name change comes at a juncture when the Ministry of Corporate Affairs has ordered the merger of the defunct NSEL with FTIL in order to recover ₹5,600 crore settlement default of the online commodity exchange from its promoter. FTIL has challenged the order in Bombay High Court and the next hearing is slated for June 15. Some of the traders who have lost money in NSEL, promoted by Financial Technologies, have opposed the name change.