Netherlands-based subsidiary of NIIT to be liquidated
DSIJ Intelligence / 23 Aug 2017
NIIT Antillies NV, a wholly-owned subsidiary of NIIT will be liquidated through a court process in accordance with the applicable laws in Curacao and India.
NIIT Antillies NV, a wholly-owned subsidiary of NIIT will be liquidated through a court process in accordance with the applicable laws in Curacao and India. This resolution was approved by the board of NIIT.
Consequent to the liquidation, all assets and liabilities of Antilles NV, including investments in its three wholly-owned subsidiaries, namely, NIIT GC Mauritius, NIIT Malaysia Sdn Bhd and NIIT West Africa, shall vest with the company, subject to regulatory compliances. The liquidation will result in simplification of the company’s overseas holding structure i.e. three step-down subsidiaries will become direct subsidiaries of the company.
Meanwhile, during today’s morning hours of trade, the stock gained 1.85% at Rs 93.80 per share on the BSE. On the NSE the stock attracted a total traded volume of 2,83,781 shares and a traded value of Rs 265.82 lakhs. The company has had a return on equity of 0.86% for the last three years.
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