63 moons technologies limited (formerly known as Financial Technologies India Ltd) has announced the successful completion of the sale of its STP-Gate Business Undertaking to Synapsewave Innovations Private Limited. The transaction, which was executed on a slump sale basis, marks a significant development for the company.

Transaction Details

The STP-Gate Business Undertaking, which has been divested, is a Straight Through Processing Messaging Solution. This technology enables brokers and fund houses to facilitate post-trade settlement of obligations efficiently. The completion of this sale indicates that all conditions precedent required for closing the transaction have been fulfilled.

Regulatory Compliance

In adherence to regulatory requirements, 63 moons technologies has duly informed the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) about the completion of this business divestiture. This disclosure is in line with Regulation 30 and other applicable regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Timeline of Events

Company Statement

According to the LODR filing, Hariraj Chouhan, SVP & Company Secretary of 63 moons technologies limited, stated, "All the Conditions Precedent prior to Closing required to be performed or complied with by the Company have been complied with."

This strategic move by 63 moons technologies could potentially impact its business focus and financial structure. Stakeholders and market observers will likely be keen to see how this divestiture affects the company's future operations and financial performance.

As the technology landscape continues to evolve, such strategic decisions by companies in the fintech space are not uncommon. The sale of the STP-Gate Business Undertaking may allow 63 moons technologies to reallocate resources and focus on other core areas of its business.

Investors and industry analysts will be watching closely to see how both 63 moons technologies and Synapsewave Innovations leverage this transaction in their respective business strategies going forward.

In a significant legal development, the Supreme Court has dismissed a contempt petition filed against 63 Moons Technologies Limited . The petition, brought forward by the National Iranian Oil Company (NIOC), alleged misuse of funds by 63 Moons.

Petition Dismissed

The apex court's decision to reject the contempt petition marks a favorable outcome for 63 Moons. The allegations of fund misuse, as claimed by NIOC, were not upheld by the Supreme Court, effectively clearing 63 Moons of these accusations.

Implications for 63 Moons

This ruling by the Supreme Court could potentially have positive implications for 63 Moons Technologies Limited. The dismissal of the contempt petition may help alleviate some legal pressures on the company and potentially improve investor confidence.

Background

63 Moons Technologies Limited, formerly known as Financial Technologies (India) Ltd, is a technology company that provides solutions for financial markets. The company has been involved in various legal battles in recent years, making this Supreme Court decision a noteworthy event for the company and its stakeholders.

While the details of the alleged fund misuse were not elaborated in the court's decision, the dismissal of the contempt petition suggests that the Supreme Court found insufficient evidence to support NIOC's claims against 63 Moons.

As this legal chapter closes, market participants will likely keep a close eye on how this development might affect 63 Moons' operations and market position going forward.