US-based Modulus Financial Engineering Inc has accused 63 Moons TechnologiesLtd of copyright violations. The company has filed a suit against 63 Moons Technologies at the Bombay High Court alleging infringement of copyright of its software, a charge denied by the latter.
According to the PTI report published in Economic Times, 63 Moons Technologies said it has received a copy of notice of motion and suit filed by Modulus alleging infringement of copyright of its software with reference to the license agreement entered into with them since 2008, a BSE communique said here.
However, the company has denied any such infringement and said it is taking appropriate measures in consultation with its legal counsel. The company said it believes the impact of the suit is currently not readily ascertainable.
In August 2015, Jignesh Shah-promoted Financial Technologies (India) Ltd (FTIL) proposed to change its name to 63 Moons to venture into the area of incubating startups and creating patents in the technology sphere. The Registrar of Companies had, however, rejected FTIL’s proposal regarding a name change. The authority gave approval to change the name of the company later in May 2016.
The company has been allegedly under the regulatory scanner of various authorities such as the Forward Markets Commission, the Economic Offences Wing of the Mumbai Police, the Enforcement Directorate and the ministry of corporate affairs for its alleged role in the Rs.5,574 crore settlement fraud at National Spot Exchange Ltd (NSEL). FTIL holds a 99.99 percent stake in NSEL.