Financial Technologies (India) (FTIL), a provider of technology solutions for financial markets, has received copy of notice of motion and suit filed by Modulus Financial Engineering Inc, USA (Modulus) at the High Court, Bombay, alleging infringement of copyright of software with reference to the license Agreements entered into with them since 2008.

The company denied any such infringement as alleged and is taking appropriate measures in consultation with its legal counsel. The company believes that the impact of the suit is currently not readily ascertainable.

Shares of the company declined Rs 0.65, or 0.74%, to trade at  Rs 86.80.  The total volume of shares traded  was  11,570 at the BSE (9.52 a.m., Tuesday).