RoC disapproves FTIL's change of name

Firm says it plans to come out of the shadow of the NSEL scam in the next three years

Financial Technologies (India) will have to look for another new name for itself. The one it had chosen has been rejected by the registrar of companies (RoC).

FTIL had decided on 63 moons technologies Ltd. This, it said, was inspired by the 63 moons of Jupiter, the “most powerful planet in the universe that stands for knowledge, wisdom foresight, growth and prosperity”. An unimpressed RoC has said the “proposed name is too generic”. The company, buffeted by a series of adverse events since its National Spot Exchange venture defaulted on Rs 5,600 crore of investor money, says it plans to shake off the impact of that crisis over the next three years.

“FTIL has embarked on a new journey that will take its glory days to before it was engulfed by the NSEL crisis,” says managing director and chief executive Prashant Desai. “My minimum target is three years to achieve this goal. Before NSEL started, the FTIL stock price was Rs 1,000. I want to at least reach there,” he told Business Standard on the sidelines of company’s annual general meeting on Thursday. The share price closed on the day at Rs 110.85 on the BSE.

The company will partner with enterprises to tap the digital market space, Desai said, noting the expected spread of fourth-generation (4G) telecom services and of smartphones. “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,” he said. “Legal issues (NSEL cases) will not be a challenge.”

FTIL will also set up a ‘JS Innovation Lab’ as a centre for technological innovation. The building blocks will be the Internet of Things, predictive and realtime data analytics, SMAC and 4G, among others, said Venkat Chary, chairman. FTIL co-founder and erstwhile head, Jignesh Shah, will be chief mentor at the Lab, he added.