Merger with Hinduja: NXT Digital reconstitutes board

The Board of directors of NXT Digital Limited (NDL) has informed 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. This includes the allotment of shares by Hinduja 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.

The decision was taken at their board meeting held on December 19, 2022.

With respect to the proposed merger of Hinduja Leyland Finance Limited with the NDL, the board of directors had approved the Draft Scheme of Arrangement of Company with Hinduja Leyland Finance Limited (HLF) at their meeting held on November 25, 2022. The Scheme of Arrangement has been filed with regulatory authorities seeking their approval, and once received, the necessary applications will be filed with National Company Law Tribunal. This is expected sometime in end January 2023.

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 the 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 and director Sudhanshu Tripathi will assume the role of Non-Executive Chairman of the board.

The Board and management of the company placed on record the visionary leadership provided by Ashok P. Hinduja to the company in its successful transformational journey, from being a finance company to a business incubator to digital media and entertainment company.

The company also stated that in line with this reorganisation director Prashant Asher resigned from the board of the company. The Board appreciated and thanked Prashant Asher for his contributions during his directorship.