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At their meeting on December 19, 2022, the company’s Board of Directors noted that all steps and compliances relating to the demerger of the digital media and communication business undertaking into Hinduja Global Solutions had been completed, including the allotment of shares by Hinduja Global Solutions Limited to the eligible shareholders of NDL.
Concerning the proposed merger of Hinduja Leyland Finance Limited with the company, the Board approved the Draft Scheme of Arrangement of the Company with Hinduja Leyland Finance Limited (HLF) at their meeting on November 25, 2022.
As per ANI, the shares allotted according to the swap ratio are eligible for trading on stock exchanges.
The Scheme of Arrangement has been submitted to regulatory authorities for approval and once approved, the necessary applications will be submitted to the National Company Law Tribunal. This is scheduled for the end of January 2023.
The Board of Directors thought it was appropriate to reconstitute the Board of Directors to focus on new ventures in line with future activities.
As a result, the Board approved that Ashok P. Hinduja relinquishes his role as Chairman-Non-Executive of the company to align his focus on the expansion of the Hinduja Group’s digital and media business, and Sudhanshu Tripathi, Director, will assume the role of Non-Executive Chairman of the Board of the company.
The Board of Directors determined that changing the company’s name from Nxtdigital Limited to “NDL Ventures Limited” or any other name approved by the Registrar of Companies was both expedient and necessary.
The company’s Board of Directors and Management have recorded Ashok P. Hinduja’s visionary leadership in the company’s successful transformational journey from a finance company to a business incubator to a digital media and entertainment company.
Prashant Asher, the Director, resigned from the Company’s Board of Directors as part of this reorganization, according to the company. The Board recognized and thanked him for his contributions as a director.
