Mumbai:  NxtDigital (NDL) on Tuesday said that all steps and compliances relating to the demerger of its digital media & communications had been successfully completed, including the allotment of shares by Hinduja Global Solutions Ltd. (HGSL) to the eligible shareholders of NDL.

An official statement released by the company stated the shares that 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 with the company, the board of directors of the company had approved the draft scheme of arrangement of the company with Hinduja Leyland Finance (HLF) at their meeting held on 25 November," the statement added. "The scheme of arrangement has been filed with regulatory authorities seeking their approval, and once received, the necessary applications will be filed with the National Company Law Tribunal. This is expected sometime in January-end next year."

The company said its board of directors considered it expedient and necessary that, with the demerger of digital and media undertaking businesses together with the trademark "NxtDigital," the name of the company be changed from "Nxtdigital Ltd." to "NDL Ventures Ltd." or such other name as approved by the registrar of companies/the ministry of corporate affairs.

The statement further added that its board considered it appropriate to reconstitute the board of directors to give focus to the new ventures in accordance with future activities. In view of the above, the board of directors of the company has approved that Ashok P. Hinduja will relinquish his role as chairman-non-executive of the company to align his focus on the expansion of the digital and media businesses of the Hinduja Group, and director Sudhanshu Tripathi will assume the role of non-executive chairman of the company.

The company also stated that, in line with this reorganisation, director Prashant Asher has resigned from the board of the company.