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 tricolor. 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 believes 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 e-commerce companies, healthcare, and educational ventures.It also has plans to commercialize 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 crores, according to the annual report, 63 moons says it has a net worth of `2,700 crores.
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Source: Economic Times