Acquisition Of NXTDigital By Hinduja Global Solutions Sanctioned By NCLT

The National Company Law Tribunal (NCLT) has given the scheme of arrangement between NDL and Hinduja Global Solutions (HGSL) its final sanction and approval, which NXTDigital has received .

According to the plan, the media and communication business undertaking, including the assets and liabilities as well as the subsidiaries, stands transferred to HGSL as of the receipt of the NCLT sanction on November 11.

Amar Chintopanth, a full-time director and the company's chief financial officer, will remain in that position.

The new NDL will concentrate on the following stage of its reorganization after the Scheme takes effect, taking the appropriate regulatory and other pre-emptive actions. The Company's Board of Directors took note of the NCLT's final order during a meeting.

The Board has also fixed November 23, 2022 (close of business) as the record date for the shareholders whose names will be on the list of those who are entitled to receive shares from HGSL under the Scheme of Arrangement.

All NDL shareholders who held equity shares in the company as of November 23 at the close of business will receive equity shares in HGSL n the ratio of 20 Equity Shares of Rs 10 each fully paid up in HGSL for every 63 Equity shares of Rs 10 each fully paid upheld of NDL.

More significantly, all NDL shareholders as of the record date will be eligible to take part in any corporate activities that HGSL may choose, including dividends (interim and final), buybacks, and other actions, if any, after the record date.