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NxtDigital Limited (NDL) announced that the company’s shareholders approved the change in the company’s name to NDL Ventures Limited, subject to regulatory approval.
The e-voting process began on December 29, 2022 and concluded on January 28, 2023.
As part of the ongoing merger with Hinduja Leyland Finance Limited (HLFL), a systemically important Non-Banking Finance Company (NBFC), into the company (subject to shareholder and regulatory approval), the company has inducted Sachin Pillai, currently the Managing Director & CEO of HLFL, as an additional director on the Board of the Company. This will pave the way for the company to enter the financial services sector.
“We are very pleased to have Sachin Pillai on our Board,” said Sudhanshu Tripathi, Chairman, in welcoming Sachin Pillai to the Board. With over two decades of leadership experience, he is uniquely positioned to support our financial services blueprint”.
The Company has always strived to maximize the interests of its shareholders. To that end, the recently completed issue and allotment of equity shares of Hinduja Global Solutions Limited under the Scheme of Arrangement, as well as the subsequent dividend on these shares, have benefited the shareholders significantly.
The Company’s shareholders will also benefit from the opportunity to participate in Hinduja Global Solutions Limited’s buyback offer and the ongoing merger of HLFL and NDL.
These actions have resulted in significant value for minority shareholders.
Concerning the proposed merger of HLFL and the Company, the Board of Directors of the Company approved the Draft Scheme of Arrangement of the Company with HLFL on November 25, 2022. The Scheme of Arrangement has been submitted to regulatory authorities for approval; once approved, the necessary applications will be submitted to the Hon’ble National Company Law Tribunal.
For the quarter that ended December 31, 2022, the company reported a profit after tax of Rs 38.30 lakhs. These results are after the transfer of the Digital Media & Communications business undertaking to Hinduja Global Solutions Limited and thus appear on the Company’s reduced balance sheet as it is currently in transition.
