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📋 Filing Types Available on ForgeUp Filings Sourced from BSE corporate announcements (equity segment). Companies covered are BSE-listed and most are also listed on NSE. We show only material filings.
Financial Results Orders Dividend Buyback Merger / Acquisition Board Meeting Outcome Fundraise (QIP / Rights / FPO) Regulatory / Court Order Credit Rating Change Promoter Pledge Update Management Change Joint Venture / MOU Delisting Bonus Shares Stock Split
Data sourced from BSE India corporate announcements. More categories will be added over time.
Ashok Leyland Ltd

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

M&A ▲ Positive Development LOW RISK
📅 Filed on BSE: 05 Nov 2026, 05:52 PM IST  ·  BSE ID: 61b76316-4ce8-4bc4-96cb-2eb1d53cb1db
View Original BSE Filing (PDF)
💡
In Simple Terms
The court approved the merger of Hinduja Leyland Finance into NDL Ventures, making Ashok Leyland a major shareholder in the new finance company.
🤖 AI Summary
  • NCLT sanctioned the Scheme of Arrangement for Hinduja Leyland Finance Limited (HLFL) merger into NDL Ventures Limited.
  • Ashok Leyland will hold 59.64% shareholding in NDL Ventures Limited upon the scheme becoming effective.
  • HLFL will cease to be a material subsidiary, and NDL Ventures will become Ashok Leyland's material listed subsidiary.
  • The merger aims to create a stronger listed financial services platform, enhancing operational synergies and value.
  • NDL Ventures Limited reported a turnover of ₹ 489.37 Lakhs for the fiscal year 2025-26.
🔢 Key Numbers - exact figures from BSE filing, not rounded
NDL Ventures FY26 Turnover
₹ 489.37 Lakhs
Ashok Leyland Shareholding in NDL
59.64%
NDL Ventures FY25 Turnover
₹ 494.31 Lakhs
NDL Ventures FY24 Turnover
₹ 590.15 Lakhs
🏢 How This Affects the Company
📈
Business Impact
Ashok Leyland will transition from having Hinduja Leyland Finance Limited (HLFL) as a material subsidiary to NDL Ventures Limited (NDL) becoming its material listed subsidiary in the non-banking financial sector.
💰
Financial Impact
The transaction is a share swap; 25 equity shares of NDL will be issued for every 10 equity shares of HLFL, resulting in Ashok Leyland holding 59.64% of NDL.
⚙️
Operational Impact
The Scheme aims to create operational synergies and efficiencies by consolidating financial services activities under a single listed platform.
⚠️
Risk Impact
No specific new risks are identified in the filing; the scheme aims to enhance stakeholder value through a stronger combined entity.
👥 What This Means For Shareholders
✅
Action Required
No immediate action is required by shareholders of Ashok Leyland Limited based on this filing.
👤
Who Is Affected
Shareholders of Hinduja Leyland Finance Limited will receive 25 equity shares of NDL Ventures Limited for every 10 equity shares held in HLFL.
🔍
Management Signal
The sanction of this Scheme of Arrangement signals management's intent to consolidate and strengthen its financial services businesses through a listed entity.

For information only. Not investment advice. ForgeUp is not SEBI-registered.

👁 Watch List - track these upcoming events
Filing of NCLT order with Registrar of Companies for scheme effectiveness.
Announcement of the record date for the share exchange ratio for HLFL shareholders.
Future financial results of NDL Ventures Limited reflecting the combined operations.
LOW RISK The NCLT sanction reduces regulatory risk, but effectiveness depends on completing remaining formalities.
💡 Investor Takeaway
The National Company Law Tribunal sanctioned the merger of Hinduja Leyland Finance Limited into NDL Ventures Limited on November 3, 2026. Ashok Leyland will hold 59.64% of NDL Ventures, which will become its material listed subsidiary. NDL Ventures reported ₹ 489.37 Lakhs turnover for FY26.
⚖️ Strengths & Concerns

✅ Positives

  • The NCLT sanction clears a key regulatory hurdle for the merger, progressing the creation of a unified financial services platform.
  • Ashok Leyland will maintain a significant 59.64% shareholding in NDL Ventures Limited, a material listed subsidiary.

⚠️ Concerns

  • NDL Ventures Limited's turnover was ₹ 489.37 Lakhs in FY 2025-26, showing a decline from ₹ 590.15 Lakhs in FY 2023-24.
  • The scheme's effectiveness is contingent on further formalities, including filing the NCLT order with the Registrar of Companies.
📅 Company Track Record
This filing is a continuation of previous intimations regarding the scheme of arrangement for Hinduja Leyland Finance Limited, with prior disclosures dating back to March 2022, and the most recent on August 3, 2026, marking the NCLT sanction as a significant step in the process.

Based on publicly available historical data. For context only.

❓ Frequently Asked Questions
What is the key update regarding Hinduja Leyland Finance Limited (HLFL) and NDL Ventures Limited?
The National Company Law Tribunal (NCLT) sanctioned the Scheme of Arrangement for the merger of Hinduja Leyland Finance Limited into NDL Ventures Limited via an order dated November 3, 2026.
What will be Ashok Leyland's shareholding in NDL Ventures Limited after the merger?
Upon the scheme becoming effective, Ashok Leyland Limited will hold 59.64% of the shareholding in NDL Ventures Limited.
What is the turnover of NDL Ventures Limited for FY 2025-26?
NDL Ventures Limited reported a turnover of ₹ 489.37 Lakhs for the fiscal year 2025-26.
What is the share exchange ratio for the merger of HLFL into NDL Ventures?
25 equity shares of NDL Ventures Limited, with a face value of ₹ 10 each, will be issued for every 10 equity shares of Hinduja Leyland Finance Limited, with a face value of ₹ 10 each.
What is the objective of the merger between Hinduja Leyland Finance and NDL Ventures?
The Scheme is intended to create a stronger listed financial services platform, achieving operational synergies and efficiencies and enhancing stakeholder value.

Questions based on this BSE filing only. For information purposes.

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⚠️ For Information Only - Not Investment Advice
ForgeUp Filings provides AI-generated summaries of public BSE exchange announcements (equity segment) for informational purposes only. Nothing here constitutes investment advice or a recommendation to buy, sell, or hold any security. ForgeUp is not a SEBI-registered investment advisor. All financial numbers are sourced directly from BSE filings and shown as-is. Past data is historical only. Please consult a qualified financial advisor before making investment decisions. Data sourced from BSE India public disclosures.
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