Mumbai: On Friday, the National Company Law Tribunal (NCLT) gave its final approval and sanction to the scheme of arrangement between NxtDigital (NDL) and Hinduja Global Solutions (HGSL).

The media & communication business undertaking, including the assets and liabilities as well as the subsidiaries, is transferred to HGSL in accordance with the scheme.

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 next stage of its reorganisation after the scheme takes effect, taking the necessary regulatory and other pre-emptive steps.

The final order of the NCLT was recorded during a board of directors meeting that was held for the company. Additionally, the board has set 23 November 2022 (the close of business) as the record date for the list of shareholders who will be qualified to receive shares issued by HGSL under the scheme of arrangement.

All NDL shareholders who held equity shares in the company as of 23 November 2022, at the close of business, will receive an allocation of equity shares in HGSL equal to 20 equity shares fully paid up in HGSL for every 63 equity shares fully paid up in NDL.

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