NIIT has received in-principle approval for the voluntary liquidation of NIIT Antilles NV, Netherlands Antilles, a wholly-owned subsidiary of the Company (Antilles NV) through court process in accordance with applicable laws of Curacao and India. The Board of Directors of the company in its meeting held on August 22, 2017 has given in-principle approval for the same.
Consequent to the said liquidation, all assets and liabilities, if any, of Antilles NV, including investments in its three wholly owned subsidiaries [NIIT GC (Mauritius), NIIT Malaysia Sdn Bhd, & NIIT West Africa], shall vest in the company, subject to applicable regulatory compliances. The said liquidation will result in simplification of overseas holding structure i.e. three step down wholly owned subsidiaries shall become direct subsidiaries of the company.
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