NXTDIGITAL Limited (NDL) has received the final sanction and approval from the National Company Law Tribunal (NCLT) for the Scheme of Arrangement between NDL and Hinduja Global Solutions Limited (HGSL).

The arrangement will see the media and communication business, including the assets and liabilities together with the subsidiaries, transferred to HGSL, according to a media statement out by NDL.

Amar Chintopanth, whole-time director and CFO, will continue to be part of the top management of NDL. The new NDL (after giving effect to the Scheme) shall focus on the next phase of reorganization of NDL, gearing up with necessary regulatory and other preparatory actions.

The NCLT green signal came on November 11, 2022.

At a meeting of the Board of Directors of the company held Friday, the final order of the NCLT was taken on record. The Board has also announced November 23 as the record date for the names of the shareholders who will become eligible for shares to be issued by HGSL pursuant to the Scheme of Arrangement.

All shareholders of NDL, as of close of business on November 23, will be allotted equity shares in HGSL in the ratio of 20 equity shares of Rs 10 each fully paid-up in HGSL for every 63 shares of Rs 10 each fully paid up held of NDL.

More importantly, all shareholders of NDL, as on the record date, will be eligible to participate in all the corporate actions that HGSL may decide upon, including dividend (interim and final), buy back and other actions, if any, after November 23, the statement said.