NCLT nod to Tata Communications land demerger

The National Company Law Tribunal (NCLT) has approved a scheme to de-merge surplus land of nearly 773 acres from Tata Communications Ltd. (TCL), earlier known as Videsh Sanchar Nigam Ltd. (VSNL), into Hemisphere Properties India Ltd. (HPIL), a decision which is another step towards settling a 16-year old matter. It added that state-run HPIL has also approached the Ministry of Corporate Affairs for approval, and the scheme will be effective once that clearance, along with some other conditions, comes through. The NCLT nod comes about two months after the Cabinet had cleared infusion of Rs 700 crore as equity and Rs 51 crore as secured loan into HPIL and then transfer stake and management control of the company from the communications ministry to the ministry of housing and urban affairs.