https://www.taxtmi.com/news?id=24993 Approval was given for strategic disinvestment of 93.71% of NINL through an open competitive bidding process under DIPAM and the Alternative Mechanism. The transaction transfers selling shareholders' equity and enterprise liabilities as of the cut off; the successful bidder must sign the SPA, pay an initial escrow deposit, and complete closing payments. Proceeds will be used to set off liabilities and then distributed among selling shareholders per the Waterfall Agreement, which gives top priority to employee dues. The sale is on a going concern basis and includes a one year buyer lock in and obligations to respect VRS terms for employees. en-us Mon, 31 Jan 2022 15:13:22 +0530 Mon, 31 Jan 2022 15:13:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=24993 Approval was given for strategic disinvestment of 93.71% of NINL through an open competitive bidding process under DIPAM and the Alternative Mechanism. The transaction transfers selling shareholders' equity and enterprise liabilities as of the cut off; the successful bidder must sign the SPA, pay an initial escrow deposit, and complete closing payments. Proceeds will be used to set off liabilities and then distributed among selling shareholders per the Waterfall Agreement, which gives top priority to employee dues. The sale is on a going concern basis and includes a one year buyer lock in and obligations to respect VRS terms for employees. News - Mon, 31 Jan 2022 15:13:22 +0530 https://www.taxtmi.com/news?id=24993