The National Company Law Tribunal (NCLT), Mumbai Bench (the Hon’ble NCLT) on Thursday approved the scheme of arrangement between IndusInd Media & Communications Limited (IMCL) and NXT Digital Limited and their respective shareholders.
The approval of the said scheme will lead to the demerger of IMCL into the company. NXT will complete the formalities with the Ministry of Corporate Affairs within the month of August 2020 along with all listing formalities.
The company will declare the restated accounts for March 2020 consequent to merger and Q 1 results on the merged basis in August 2020 will be communicated separately.
In August 2019, Hinduja Ventures had approved scheme of arrangement between IndusInd Media and Communications Limited (IMCL) and Hinduja Ventures Limited to reorganize its media business to become operating media cooperation.