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Tata Comm extends the scheme period, for demerging its surplus land, by one year

April 01, 2019
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Tata Communications has extended the period for scheme of arrangement for de-merger of surplus land from Tata Communications to Hemisphere Properties India Limited (HPIL) from March 31, 2019 to March 31, 2020.

Earlier in 2018, the National Company Law Tribunal (NCLT) had approved a scheme which will enable the de-merger of the surplus land of nearly 773 acres from Tata Communications into HPIL.

The NCLT approval followed the Cabinet’s approval to infusion of Rs 7 billion as equity and Rs 510 million as secured loan into HPIL. Following the cabinet’s approval to capital infusion, stake and management control of the company was transferred from the communications ministry to the ministry of housing and urban affairs.

 
 
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