FTIL has been under the regulatory scanner of various authorities like FMC, the Economic Offences Wing of the Mumbai Police, the Enforcement Directorate and the ministry of corporate affairs for its alleged role in the NSEL scam. Photo: Abhijit Bhatlekar/Mint
FTIL has been under the regulatory scanner of various authorities like FMC, the Economic Offences Wing of the Mumbai Police, the Enforcement Directorate and the ministry of corporate affairs for its alleged role in the NSEL scam. Photo: Abhijit Bhatlekar/Mint

Financial Technologies changes name to 63 Moons

A letter to shareholders said the new name is based on the fact that the planet Jupiter, considered to be the strongest among all planets, has 63 moons

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 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.

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 science, among others. The lab will be named JS Innovation Lab.

The company will also “actively participate and partner in the development of technologies and innovative IPs (intellectual property) in new generation verticals that among other include, medicine/life sciences, sports, education, digital media, robotics, e-commerce (3.0) financial markets and agri tech," said the letter, adding that “a vast universe of businesses around digital ecology" will be the mainstream business of 63 Moons.

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