Jignesh Shah-led Financial Technologies (India) Ltd today proposed to change its name to 63 Moons Technologies Ltd as it seeks to reinvent itself in the wake of the NSEL crisis.
FTIL was once a pioneer in exchange technology business but eventually got booted out of the commodity and stock exchanges it had set up, after the group’s spot exchange for agriculture products NSEL got embroiled in a Rs 5,600 crore payment default case.
While FTIL is fighting various cases at different forums with regard to its erstwhile businesses, it has decided to go for a new identity, as part of which, it is now seeking to adopt a new name inspired by planet Jupiter, which has the maximum number of 63 moons in the solar system.
The change of the name will be subject to the approval of shareholders in the general meeting and Registrar of Companies (ROC).
“The board of directors has in-principle approved the change in the name of the company from Financial Technologies (India) Ltd to 63 Moons Technologies Ltd,” a company statement issued here said.
In November 2014, FTIL had said that it was imperative to give the company a new name and identity that reflects the genesis of its business and the next phase of growth.
“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,” the company said in its letter to shareholders.
The letter also added that going forward, the company is keen and committed to create a vast universe of businesses around digital ecology, which will be the mainstream business of the 63 moons. It will remain in the realm of technology, but will strive to expand its sphere of influence in the new generational businesses built.
On the crisis, the company said, “Despite being victimised and persecuted in an unjust manner, we at FTIL are not shattered by this and we posses the capability to rise like a phoenix.”
“History will always remember FTIL 1.0 and 2.0 for its contributions to the growth of India financial and commodity markets,” it added.