NXT Digital (NDL) on Tuesday said the merger of its digital media and communication business into Hinduja Global Solutions (HGSL) had been successfully completed, including the allotment of shares by HGSL to the eligible shareholders of NDL.
The company in a statement said in continuation with the business reorganisation process initiated by the company which includes the proposed merger of the Hinduja Leyland Finance into NXT Digital, the board of directors at their meeting on Monday had noted that "all steps and compliances relating to the demerger of the digital media and communication business undertaking into Hinduja Global Solutions Limited have been successfully completed."
The company statement said 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 (HLF) at their meeting held on November 25, 2022, it said.
The company said the Scheme of Arrangement has been filed with regulatory authorities seeking their approval, and once received, the necessary applications will be filed with the National Company Law Tribunal. This is expected sometime in January-end next year.
The company said its 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 Limited to "NDL Ventures Limited" or such other name as approved by the Registrar of Companies/Ministry of Corporate Affairs.
The company said its board considered it appropriate to reconstitute the board of directors to give focus to the new ventures in consonance with future activities.
The company said 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 the expansion of the digital and media business of the Hinduja Group and Director Sudhanshu Tripathi will assume the role of non-executive chairman of the board of the Company.
( With inputs from ANI )
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