63 Moons Technologies announced that the company has completed all the stipulations,applicable before closing, given in NCLAT order dated 22 July 2019 for the sale of its 55.35% stakein ATOM, a subsidiary of the Company, for an aggregate consideration of USD 9.24 million to NTTData Corporation, Japan.

Further, as per the terms of the Share Purchase Agreement dated 27 November 2018, 63 moonsreceived a sum of US$ 8.83 million and USD 0.41 million has been deposited in the Escrow account.The funds received by 63 moons shall be utilised in the manner and for the purpose as stated in theNCLAT order.

We would like to emphasise that the stake sale has been completed by strictly adhering to the NCLATstipulations and as per the best international practices. Post all closing activities, 63 Moons shallcontinue to hold -36% stake as agreed and will have one-third representation on the Board of ATOMto contribute in the future growth prospects and business strategy of ATOM.

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The PMLA Appellate Tribunal released the assets of 63 Moons Technologies from attachment by the Enforcement Directorate (ED). This order comes soon after the Bombay High Court order, which quashed the attachments of 63 moons assets under the MPID Act.

However, the Tribunal, after quashing the attachment orders, has made it subject to filing of an indemnity bond within a week. The Tribunal has restrained 63 moons from dealing with the released assets till pendency of the trial of the larger issues in the PMLA court.

63 moons, based on sound legal advice, is of the opinion thatpassing of this sort of restraint order and of seeking an indemnity bond, particularlywhen the orders of attachment have been quashed, is beyond the power of theTribunal under the PMLA. 63 moons will take appropriate legal recourse againstthis part of the order.

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63 Moons Techs. announced that the Annual General Meeting (AGM) of the company will be held on 18 September 2019.

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On the BSE, 41,053 shares were traded in the counter so far compared with average daily volumes of 31,000 shares in the past two weeks.

The Bombay High Court on 22 August 2019 ruled that the National Spot Exchange (NSEL), is not a financial establishment and hence notifications for attachment of the company's assets including bank accounts and properties under the MPID Act stand quashed. The Competent Authority requested for a stay. However, the High Court declined.

The Bombay High Court has quashed all the notifications issued by the State Government in the year 2016 and 2018 attaching movable and immovable properties of 63 moons under the MPID Act, 1999 by observing that NSEL is not a Financial Establishment since it did not accept any deposits as defined under the MPID Act and resultantly, the petitioner who is a promoter of the said establishment cannot be proceeded under the provisions of MPID Act.

The court held that NSEL was a commodities exchange where commodities were traded between willing buyers and sellers acting through their brokers. The court noted that the State and the investigating agencies have simply assumed and proceeded on the basis that NSEL acted as Financial Establishment without verifying this jurisdictional fact before attaching properties of 63 moons. Further, the court also noted that after going through the documents, it leaves no doubt in our mind that the transaction was between buyer and seller through medium of NSEL; and the court is satisfied that the NSEL has not accepted any deposit and if it has not accepted any deposit, then it would not fall within the definition of 'financial establishment'.

In 2016, the Economic Offences Wing (EOW) of Mumbai police attached assets worth Rs 7,063 crore belonging to Financial Technologies India (FTIL), owned and founded by Jignesh Shah. The developments followed Shah's recent arrest by Enforcement Directorate (ED) in connection with the Rs 6,000 crore scam at National Spot Exchange (NSEL), which is owned by FTIL. The ED said it had collected evidence of money-laundering against Shah, and he was remanded in judicial custody by a Special PMLA (Prevention of Money Laundering Act) court.

On a consolidated basis, 63 Moons Technologies reported a net loss of Rs 11.10 crore in Q1 June 2019 over a net loss of Rs 8.55 crore in Q1 June 2018. Net sales fell 6.5% to Rs 64.26 crore in Q1 June 2019 over Q1 June 2018.

63 moons Technologies (formerly FTIL) is in the business of developing and selling technology products for facilitating trading on exchanges such as stock and commodity exchanges

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