NXT Digital Limited to go for reorganisation
Sudhanshu Tripathi, Director, to take over as Non-Executive Chairman of the Board
In continuation with the business reorganisation process initiated by the company, which includes the proposed merger of the Hinduja Leyland Finance Limited into NXT Digital Limited (NDL), the Board of directors of the Company at their meeting held on December 19, 2022, was pleased to note that all steps and compliances relating to the demerger of the Digital Media & Communication Business undertaking into Hinduja Global Solutions Limited have been successfully completed including allotment of shares by Hinduja Global Solutions Limited to the eligible shareholders of NDL.
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 Limited with the company, the Board of directors of the Company had approved the Draft Scheme of Arrangement of Company with Hinduja Leyland Finance Limited (HLF) at their meeting held on November 25, 2022.
The 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.
With the new business focus, the board considered it appropriate to reconstitute the Board of Directors to give focus to the new ventures in consonance with future activities. In view of this, 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 expansion of Digital and Media Business of the Hinduja Group. Sudhanshu Tripathi, Director, will assume the role of Non – Executive Chairman of the Board of the Company.
