Ashok Leyland Ltd receives NCLT approval to merge subsidiary HLFL into NDL Ventures
- NCLT Mumbai Bench sanctioned the scheme by order dated November 3, 2026; it takes effect after filing the certified order with the Registrar of Companies and completing formalities.
- NDL will issue 25 equity shares for every 10 HLFL shares; Ashok Leyland’s holding will change from 61.12% in HLFL to 59.64% in NDL.
- Following the merger, HLFL will dissolve without winding up and NDL will become Ashok Leyland’s material listed subsidiary.
- The company cited plans for a listed financial-services platform and operational efficiencies.