63 Moons climbs 5% as company moves HC to defreeze accounts

NEW DELHI: Shares of 63 Moons Technologies climbed 5 per cent in Thursday's trade on reports that the company has moved against Maharashtra government's directives to freeze the operating accounts of the company.

The state government attached the operating accounts and intellectual property rights of a market trading technology product — Odin — of the parent company of the scam-hit National Spot Exchange (NSEL).

The freezing of the company’s running accounts makes it difficult for 63 Moons to meet its statutory dues and pay salaries in the coming months.


The freeze on Odin’s IPR means that funds accruing to the company from sale of trading technology terminals to brokers would also not be accessed, ET reported. It also means the company will potentially be unable to sell the technology to a third party.

Following the development, the stock rose over 5 per cent to hit a high of Rs 101.70 on BSE, eventually closing at Rs 97.50, up 1.88 per cent.

The attachment follows complaints by “a number of depositors” against NSEL, the state government note dated April 4 said.

63 Moons, formerly Financial Technologies, had said in a press conference Wednesday that it would move court against the Maharashtra government order.