NXTDigital changes its name to NDL Ventures; appoints Sachin Pillai to Board of Directors

NDL Ventures announced that it has received all necessary approvals for the change of the name of the Company from NXTDigital to NDL Ventures.

The company also announced that the shareholders, through the e-voting process which commenced on March, 20, 2023 and concluded on April 19, 2023, have approved the appointment of Sachin Pillai as Director on the Board.

Pillai, brings with him experience in the financial services sector and more particularly in the NBFC sector.

Both the above actions are in line with the company’s objective of becoming a financial services company and also supplement the proposed merger. 

The Board of Directors also recommended a final dividend of 20% per equity share of face value of Rs 10 per share. 

With respect to the proposed merger of Hinduja Leyland Finance (HLFL) with the company, the Board of directors had approved the Draft Scheme of Arrangement of Company with HLFL at their meeting held on November 25, 2022.

The Scheme of Arrangement has been filed with regulatory authorities seeking their approval, namely, Reserve Bank of India, Competition Commission of India, Bombay Stock Exchange, Securities and Exchange Board of India and other authorities. No sooner the approvals are received, the necessary applications will be filed with National Company Law Tribunal, as per NDL Ventures.

The Company posted a Profit after Tax of Rs 27.40 lakhs for the year ended March 31, 2023. These results are post the transfer of the digital media and communications business undertaking to Hinduja Global Solutions and, therefore, arrived on the reduced balance sheet of the company as presently in place in the transition phase.

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