NIIT approves liquidation of subsidiaries NIPE, NYJL

NIIT Ltd on Wednesday said it has approved the proposal of voluntary liquidation of its wholly-owned subsidiaries NIIT Institute of Process Excellence Ltd (NIPE) and NIIT Yuva Jyoti Ltd (NYJL).

"The Board of Directors of NYJL and NIPE, respectively have recommended the voluntary liquidation of the respective company in accordance with the applicable laws. The company has approved the proposal of voluntary liquidation as shareholder of NYJL and NIPE, in accordance with applicable laws," NIIT said in a regulatory filing.

In October last year, NIIT had said NIPE and NYJL will transfer their business, contractual obligations and all assets and liabilities to the company in order to simplify operations, rationalise low return, high risk and capital intensive business and create space for growth.

Further, NYJL and NIPE are be closed to conserve the management and administrative costs, as per appropriate legal process, the company had said.

In a separate filing, NIIT said its board has declared an interim dividend of Rs 8 per equity share for the financial year 2019-20.

March 3, 2020 has been fixed as the 'record date' for the purpose of ascertaining the eligibility of shareholders for payment of the interim dividend, it added.