Shardul Amarchand Mangaldas and co. successfully represents Ashok Leyland, Hinduja Foundries before CCI
New Delhi [India], Dec 20 (ANI-NewsVoir): Shardul Amarchand Mangaldas & Co. successfully represented Ashok Leyland Limited (ALL) and Hinduja Foundries Limited (HFL) before the Competition Commission of India in relation amalgamation of HFL into ALL, under a scheme of arrangement.
Both the companies are a part of the Hinduja Group. Since the proposed transaction was filed pursuant to a scheme, it is not possible to ascertain the exact value of the deal.
The proposed merger was filed pursuant to the approval of the Board Resolution dated 14 September, 2016. The Board of Directors of Ashok Leyland and HFL approved a scheme of amalgamation under Section 391 – 394 of the Companies Act, 1956.
The Competition Law Team of Shardul Amarchand Mangaldas and Co. advised on filing Form I notification with the Competition Commission of India and obtaining unconditional approval of the CCI. The team was led by Aparna Mehra, Partner and included Vivek Agarwal, Senior Associate and Toshit Shandilya, Associate.
The deal was signed on 14, September 2016 and is likely to close in third Quarter of 2017. (ANI-NewsVoir)