Fighting NSEL merger, 63 moons wants to go digital

CHENNAI: Shareholders exiting the annual general meeting on Tuesday of scam-hit FTIL (Financial Technologies India), now known as 63 moons technologies, carried copies of the annual report that had “Hope For Justice“ printed in tricolour. According to observers, the annual general meet of the software vendor on Tuesday reflected a semblance of fighting a forced merger, hounded by regulators and a desperate call for reinvention.

The AGM was incidentally taking place a day after the company's founder-promoter Jignesh Shah was reportedly denied bail and remanded to judicial custody by a CBI (Central Bureau of Investigation ) court in Mumbai. The company's share price has nearly halved over the last fiscal impacting about 63,000 shareholders.Nevertheless, many shareholders mumbling about the wealth erosion believe the company is at the receiving end of vindictive regulation for what happened at its subsidiary .

A consultant for 63 moons, present at the meeting said the company , which had exited the exchanges businesses, is actively scouting for opportunities in supplying software for ecommerce companies, healthcare and educational ventures.It also has plans to commercialise Intellectual Property Rights. “We anticipate a challenging year during 2016-17 but the beginnings of a turnaround can be seen in the financial year after that,“ he said. Sitting on a liquid fund reserve of `1,800 crore, according to the annual report, 63 moons says it has a net worth of `2,700 crore.

After Shah stepped down, 63 moons is helmed by Prashant Desai as MD, a former Future Group executive who founded an investor relations firm with a basket of brands as clientele.