63 Moons Tech's arm signs pact to sell stake in Bourse Africa

The revised SPA is being subjected to some specific approvals in India and Mauritius.

The Dollar Business Bureau

63 Moons Technologies, previously Financial Technologies (India) Ltd, said on Thursday that its subsidiary based in Mauritius has inked a revised pact with the Continental Africa Holdings (CAHL) to sell its complete share in Bourse Africa Ltd for $10.50 million.

“Our subsidiary FT Group Investments Pvt Ltd (FTGIPL) Mauritius has entered into an amended SPA (Share Purchase Agreement) with CAHL for sale of its 100 percent stake in Bourse Africa Ltd (BAL), Mauritius for $10.50 million,” the company said in a BSE filing.

The revised SPA is being subjected to some specific approvals in India and Mauritius, and also to some specific conditions precedent that includes seeking of direction from the National Company Law Tribunal (NCLT) and other regulatory bodies, it said.

It has to be noted that the company itself does not hold any stake in BAL, the release said. 

The company further stated that it had taken up the issue with regards to sale of BAL by its subsidiary before the committee, formed by the NCLT. 

In its meeting on September 15, 2016, the NCLT Committee was of the view that the selling of stake of BAL by FTGIPL does not lie under its purview. Hence, the committee has no jurisdiction or authority to look into the matter, the release said. 

63 Moons Technologies, led by Jignesh Shah, is exiting from the business of commodity exchange in the country and overseas after Forward Markets Commission (FMC), the then regulator for commodity markets, declared that the company and its promoter are unfit to carry on the business.

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The Dollar Business Bureau - Sep 30, 2016 12:00 IST