MTNL to amend articles of association to monetise land assets

The Mahanagar Telephone Nigam Ltd (MTNL) is taking shareholders’ approval to amend its articles of association (AoA) to monetise its land assets.

Shareholders of the company will vote on this proposal at its annual general meeting on November 25. MTNL plans to lease these assets for a period of up to 30 years.

In its communication to shareholders, MTNL said that the Group of Ministers (GoM) had on December 21, 2020 decided that for any property with a value of Rs 10 crore or less, it will not require approval of the GoM.

“In view of this decision , the DoT has directed MTNL to change its AoA,” it said.