NCLT approves merger of Hinduja Foundries with Ashok Leyland

Hinduja Foundries on Friday said that the National Company Law Tribunal has approved its merger with commercial vehicle maker Ashok Leyland. “...the National Company Law Tribunal, Chennai, vide their Order dated April 24, 2017, has approved the Scheme of Amalgamation of Hinduja Foundries with Ashok Leyland,” 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 had 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. While shares of Hinduja Foundries slipped 0.44 per cent to close at ₹33.80 on the NSE, Ashok Leyland edged down 1.50 per cent at ₹85.40.