Can 63 Moons Technologies turn around its fortunes just with a new name?

There is only so much a change of name can do to salvage a company that has been impacted by its promoter’s setback. Take the case of 63 Moons Technologies (earlier known as Financial Technologies India) which changed its name in an attempt to distance itself from its promoter Jignesh Shah. He was arrested under the Prevention of Money Laundering Act in connection to the Rs 5,600 crore NSEL money laundering scam, last July.

However, the change does not seem to have made much impact. In the past few months, some of the company’s board members have stepped down. The reason? There is nothing much they can do at present.

According to a non executive director on the board of 63 Moons, since Shah’s arrest, the board members haven’t been able to take any decisions, given that the company was being scrutinised by the Bombay High Court. While the company’s new name is inspired from the 63 moons that orbit Jupiter, it may need more planetary adjustment to get out of this mess.