In continuation with the business reorganisation process initiated, which includes the proposed merger of Hinduja Leyland Finance into NXT Digital (NDL), the Board of directors of the company at their meeting noted that all steps and compliances relating to the demerger of the digital media and communication business undertaking into Hinduja Global Solutions have been successfully completed.
This includes allotment of shares by Hinduja Global Solutions Limited to the eligible shareholders of NDL.
The shares which have been allotted in accordance with the swap ratio are eligible for trading on stock exchanges.
With respect to the proposed merger of Hinduja Leyland Finance with the Company, the Board of directors of the Company had approved the Draft Scheme of Arrangement of Company with Hinduja Leyland Finance Limited (HLF) at their meeting held on November 25, 2022. The Scheme of Arrangement has been filed with regulatory authorities seeking their approval, and once received, the necessary applications will be filed with National Company Law Tribunal. This is expected sometime in end January 2023.
The Board of Directors considered it expedient and necessary that with the demerger of Digital and Media Undertaking business together with the trademark “NxtDigital”, the name of the company should be changed from Nxtdigital to “NDL Ventures Limited” or such other name as approved by the Registrar of Companies/Ministry of Corporate Affairs.
With the new business focus, the Board considered it appropriate to reconstitute the Board of Directors to give focus to the new ventures in consonance with the future activities.
In view of this, the Board of Directors approved that Ashok P Hinduja will relinquish his role as Chairman-Non-Executive of the Company to align his focus on expansion of digital and media business of the Hinduja Group and Sudhanshu Tripathi, Director will assume the role of Non – Executive Chairman of the Board of the Company.
The company also stated that in line with this reorganisation, Prashant Asher, Director resigned from the Board of the company.