REGISTRAR OF COMPANIES REJECTS FTIL’S NAME TRANSFORMATION

INTRODUCTION

• Financial Technologies India Limited (FTIL) is combating various cases at different forums

• Case concerning its merger with its subsidiary company National Spot Exchange Limited (NSEL)

• FTIL then decided to go for a new identity

FTIL’S NEW PROPOSED NAME

• FTIL had proposed to change its name to 63 Moons Technologies Ltd.

• FTIL seeks to reinvent itself in the wake of the NSEL crisis

• Name 63 Moons Technologies Ltd is adopt & inspired by planet Jupiter which has the maximum number of 63 moons in the solar system

• It stands for knowledge, wisdom foresight, growth & prosperity

ROC’S REASON FOR REJECTION

• Change of the name will be subject to the approval of the Registrar of Companies (RoC)

• FTIL’s Board of Directors have already approved for change in the name

• As per media report an unimpressed RoC has said, the proposed name is too generic

• FTIL got hit by a series of adverse events since the 5600 crore NSEL crisis

• FTIL says it plans to shake off the impact of that crisis over the next three years

MD & CHIEF EXECUTIVE OF FTIL MR. PRASHANT DESAI SAID

“FTIL has embarked on a new journey that will take its glory days to before it was engulfed by the NSEL crisis. Our

minimum target is three years to achieve this goal. Noting the expected spread of fourth-generation (4G) telecom services and of smartphone’s, FTIL will partner with

enterprises to tap the digital market space. If India grows at seven-eight per cent annually, we will see a very large

digital market and that is the place FTIL really wants to be.”

CONCLUSION

• FTIL is keen & committed to create a vast universe of businesses around digital ecology

• THIS will be the mainstream business of the 63 moons

• Hence, RoC should approve the change of the name of FTIL to 63 Moons Technologies Ltd

THANK YOU