National Company Law Tribunal approves Hinduja Foundaries-Ashok Leyland merger

Hinduja Foundries on Friday said the National Company Law Tribunal has approved its merger with commercial vehicle maker Ashok Leyland Ltd.

"...the National Company Law Tribunal, Chennai, vide their Order April 24, 2017, have approved the Scheme of amalgamation of Hinduja Foundries Ltd with Ashok Leyland Ltd.." Hinduja Foundries said in a BSE filing.

The scheme with appointed date of October 1, 2016 will be effective upon filing the certified true copy of the order with the Registrar of Companies, Chennai, it said.

In September 2016, the board of Hinduja Foundries Ltd approved amalgamation of the company with Ashok Leyland with the latter saying the move would result in operational efficiencies and help realise significant cost synergies.