NXTDIGITAL LTD appoints Mr Sachin Pillai as Director on the Board

NDL Ventures Limited (NDL – formerly known as NXTDIGITAL Limited) today announced that the Shareholders of the Company, through the e-voting process which commenced on March, 20, 2023  and concluded on April  19, 2023 have approved the appointment of Mr Sachin Pillai as Director on the Board of the Company. Mr Sachin Pillai, brings with him significant experience in the financial services sector and more particularly in the NBFC sector.

The Company also announced that it has received all necessary approvals for the change of the name of the Company from NXTDIGITAL Limited to NDL Ventures Limited.

Both the above actions are in line with the Company’s objective of becoming a financial services company and also supplement the proposed merger. 

The Board of Directors today recommended a final dividend of 20%  per equity share of face value of Rs 10 per share

With respect to the proposed merger of Hinduja Leyland Finance Limited (HLFL) with the Company, the Board of directors of the Company had approved the Draft Scheme of Arrangement of Company with HLFL at their meeting held on November 25, 2022. The Scheme of Arrangement has been filed with regulatory authorities seeking their approval, namely, Reserve Bank of India, Competition Commission of India, Bombay Stock Exchange Limited, Securities and Exchange Board of India and other authorities. No sooner the approvals are received, the necessary applications will be filed with Hon’ble National Company Law Tribunal. 

The Company posted a Profit after Tax of Rs 27.40 lakhs for the year ended March 31, 2023. These results are post the transfer of the Digital Media & Communications business undertaking to Hinduja Global Solutions Limited and therefore arrived on the reduced balance sheet of the Company as presently in place in the transition phase.