Hinduja Group-owned media company renamed as NXTDigital Ltd

MUMBAI: Close on the heels of becoming an operating media company, Hinduja Ventures Ltd (HVL) has been renamed NXTDigital Ltd. HVL has got the Ministry of Corporate Affairs (MCA) approval to rename itself as NXTDigital Ltd.

HVL vide its letter dated 11th September had made an application seeking in-principle approval for change in name of the company from HVL to NXTDigital Limited.

The Bombay Stock Exchange (BSE) and the National Stock Exchange of India had granted in-principle approval for the proposed name change of the company. The members of the company on 22nd October had approved the Special Resolution vide postal ballot for the name change.

“The Ministry of Corporate Affairs (MCA) issued a fresh Certificate of incorporation pursuant to change in name of the Company on October 25, 2019. Accordingly the name of the Company changed to NXTDigital Limited,” HVL said in a regulatory filing to the BSE.

“We will revert to you on completion of other requirements for obtaining your final approval for change in name,” it further stated.

Earlier, the board of HVL had approved the Scheme of Arrangement between IndusInd Media and Communications Limited (Demerged Company) and HVL (Resulting Company) and their respective shareholders subject to all statutory/ regulatory approvals and approval of the shareholders.

As per the arrangement, IMCL’s heading in the sky (HITS) and cable TV business was transferred to HVL. IMCL is a subsidiary of HVL (now NXTDigital).

IMCL business consists of digital content distribution using multiple platforms such as satellite and fibre. It also carries Broadband and internet business carried out through its subsidiary OneOTT Intertainment Limited (OIL). IMCL also has a dedicated unit that develops content for various platforms and owns a significant content library and movie negatives.

The appointed date of the scheme of arrangement was 1st October 2019 after securing all statutory and regulatory approvals.

Buoyed by the turn-around of its TV distribution business, the Hinduja Group had stated that it will offer equity-based shareholding to local cable operators (LCOs). The equity-based scheme is under development stage. On the Diwali eve, Hinduja Group chairman Ashok P Hinduja made the announcement via video message to distributors and LCOs across the country.