Ashok Leyland: NCLT Sanctions Merger of Hinduja Leyland Finance into NDL

Ashok Leyland announced that the National Company Law Tribunal (NCLT), Mumbai Bench, has sanctioned the Scheme of Arrangement for the absorption of its material subsidiary, Hinduja Leyland Finance Limited (HLFL), into NDL Ventures Limited (NDL). Upon the scheme becoming effective, HLFL will be dissolved without winding up, and NDL will become Ashok Leyland's material listed subsidiary. The merger aims to create a stronger listed financial services platform, achieving operational synergies and efficiencies. As per the scheme, 25 equity shares of NDL (face value ₹10) will be issued for every 10 equity shares held in HLFL. Ashok Leyland's shareholding in the merged entity will be diluted from 61.12% in HLFL to 59.64% in NDL.