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NCLT gives approval to Tata Communications land demerger into Hemisphere Properties

July 13, 2018

The National Company Law Tribunal (NCLT) has approved a scheme of Tata Communications and Information Limited (TCIL) demerging its surplus land of 773 acres into Hemisphere Properties India Limited (HPIL).

Further, the NCLT stated that it also needed an approval from the Ministry of Corporate Affairs to make the demerger effective.

This approval comes after the Cabinet had cleared the infusion of Rs 7 billion as equity and Rs 510 million as secured loan into HPIL and transferred the control of the company from the communications ministry to the ministry of housing and urban affairs.


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