Amalgamation Of Hinduja Foundries Into Ashok Leyland Successfully Represented Before CCI By Shardul Amarchand Mangaldas & Co
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Shardul Amarchand Mangaldas & Co, one of India’s leading full-service law firms, successfully represented Ashok Leyland Limited (ALL), an Indian automobile manufacturing company, and Hinduja Foundries Limited (HFL), India's largest casting maker, before the Competition Commission of India (CCI) in the amalgamation of HFL into ALL under a scheme of arrangement. Both ALL and HFL are a part of...
Shardul Amarchand Mangaldas & Co, one of India’s leading full-service law firms, successfully represented Ashok Leyland Limited (ALL), an Indian automobile manufacturing company, and Hinduja Foundries Limited (HFL), India's largest casting maker, before the Competition Commission of India (CCI) in the amalgamation of HFL into ALL under a scheme of arrangement. Both ALL and HFL are a part of the Hinduja Group.
Because the proposed transaction was filed following the scheme, ascertaining the exact value of the deal is not possible. The proposed merger was filed following the approval of the Board Resolution dated September 14, 2016. The Boards of Directors of ALL and HFL approved the scheme of amalgamation under Sections 391–394 of the Companies Act, 1956.
Advice on filing Form I Notification with the CCI and obtaining unconditional approval of the CCI was given by the Competition Law Team of Shardul Amarchand Mangaldas & Co, which was led by Ms. Aparna Mehra, Partner, and included Mr. Vivek Agarwal, Senior Associate, and Mr. Toshit Shandilya, Associate.
The deal was signed on September 14, 2016 and is likely to close in the third quarter of 2017.