Mumbai, India – September 13, 2024: 63 Moons Technologies Limited (formerly Financial Technologies (India) Limited) today issued a statement clarifying its position regarding a recent proceeding filed by the NSEL Investors Action Group (NIAG) with the Supreme Court of India. The company asserts that it has not yet been formally served with a copy of the proceedings and remains unaware of the specific allegations detailed within.
Company Unaware of Specific Allegations, Reasserts Commitment to Legal Compliance
The press release emphasizes 63 Moons' commitment to acting as a law-abiding corporate entity. The company states that it has not received the notice from the National Investors Action Group (NIAG) and is, therefore, unaware of the specific nature of the allegations presented to the Supreme Court.
63 Moons Pledges to Respond to Proceedings with Factual Information
The statement conveys the company's intention to fully cooperate with the Supreme Court proceedings once formally served with the notice. 63 Moons assures that it will provide a comprehensive response based on factual information when the time comes.
Public Urged to Avoid Premature Conclusions
The company concludes its statement by urging the public not to be swayed by potentially misleading information until the proceedings are formally served and 63 Moons has an opportunity to present its case.
Implications and Looking Ahead
This announcement arrives amidst ongoing legal complexities related to the 2013 crisis at the National Spot Exchange Limited (NSEL), a former subsidiary of 63 Moons. The company has consistently maintained its innocence and distanced itself from the NSEL matter.
The Supreme Court proceedings initiated by the NIAG may lead to further scrutiny of 63 Moons' role in the NSEL affair. The company's commitment to transparency and cooperation with legal authorities will be crucial in navigating these proceedings and potentially impacting investor confidence.
The company has not provided specific details on its next steps beyond responding to the proceedings once served. However, it is expected that 63 Moons will actively engage with the legal process to clarify its position and protect its interests.
Potential Challenges and Risks
The ongoing legal proceedings represent a significant challenge for 63 Moons, potentially impacting its reputation and financial performance. The outcome of these proceedings could have long-term implications for the company and its stakeholders.
The company will need to demonstrate its commitment to transparency and accountability to regain investor trust and mitigate potential damage to its brand.