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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, 06:07 PM IST  ·  BSE ID: 74441a22-96b6-4685-b5a3-6f1c36f8d674
View Original BSE Filing (PDF)
💡
In Simple Terms
A court has approved the merger of Ashok Leyland's finance company, Hinduja Leyland Finance, into NDL Ventures.
🤖 AI Summary
  • NCLT Mumbai Bench sanctioned the merger of Hinduja Leyland Finance (HLFL) into NDL Ventures Limited on November 3, 2026.
  • HLFL, a material subsidiary, will dissolve, and NDL Ventures will become Ashok Leyland's material listed subsidiary.
  • NDL Ventures reported a turnover of ₹ 489.37 Lakhs for the fiscal year 2025-26.
  • Ashok Leyland will acquire 59.64% shareholding/control in NDL Ventures post-merger.
  • Consideration involves NDL issuing 25 equity shares for every 10 HLFL shares, both face value ₹ 10 each.
🔢 Key Numbers - exact figures from BSE filing, not rounded
NDL Ventures Turnover FY 2025-26
₹ 489.37 Lakhs
NDL Ventures Turnover FY 2024-25
₹ 494.31 Lakhs
NDL Ventures Turnover FY 2023-24
₹ 590.15 Lakhs
Ashok Leyland Shareholding in NDL Ventures
59.64%
Share Exchange Ratio (NDL:HLFL)
25:10
🏢 How This Affects the Company
📈
Business Impact
The merger creates a consolidated listed financial services platform under NDL Ventures, aiming for operational synergies and enhanced stakeholder value.
💰
Financial Impact
Post-merger, HLFL's financials will integrate into NDL Ventures, with Ashok Leyland holding a 59.64% stake in the newly configured financial services entity.
⚙️
Operational Impact
HLFL will dissolve, simplifying the structure by having NDL Ventures as the primary listed financial services arm of the company.
⚠️
Risk Impact
The scheme centralizes financial services operations, potentially streamlining governance and operational oversight within the group structure.
👥 What This Means For Shareholders
✅
Action Required
No immediate action is required by Ashok Leyland shareholders based on this intimation.
👤
Who Is Affected
Shareholders of Hinduja Leyland Finance Limited (HLFL) will receive 25 equity shares of NDL Ventures Limited for every 10 shares held in HLFL. Ashok Leyland, as a primary shareholder of HLFL, will become the largest shareholder of NDL.
🔍
Management Signal
The sanction signals management's commitment to consolidating and optimizing its financial services operations under a single listed entity, NDL Ventures.

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 to make the scheme effective.
Announcement of the effective date for the merger of HLFL into NDL Ventures.
Subsequent financial results of NDL Ventures post-merger effectiveness.
LOW RISK NCLT sanction confirms regulatory approval, reducing execution risk for the announced merger.
💡 Investor Takeaway
The National Company Law Tribunal sanctioned the merger of Hinduja Leyland Finance into NDL Ventures. Ashok Leyland will hold 59.64% in NDL Ventures, a listed financial services company with a FY26 turnover of ₹ 489.37 Lakhs, aiming for operational synergies.
⚖️ Strengths & Concerns

✅ Positives

  • Scheme aims to create a stronger listed financial services platform, enhancing operational synergies and efficiencies.
  • Ashok Leyland will retain a significant 59.64% shareholding and control in the combined NDL Ventures Limited entity.

⚠️ Concerns

  • NDL Ventures' turnover for FY 2025-26 was ₹ 489.37 Lakhs, representing a decline from ₹ 590.15 Lakhs in FY 2023-24.
  • The full financial and operational integration period for the merger is not specified beyond scheme effectiveness.
❓ Frequently Asked Questions
What is the key update regarding Ashok Leyland's Scheme of Arrangement for Hinduja Leyland Finance?
The National Company Law Tribunal, Mumbai Bench, sanctioned the Scheme of Arrangement for the absorption of Hinduja Leyland Finance Limited (HLFL) into NDL Ventures Limited on November 3, 2026.
What will be Ashok Leyland's ownership percentage in NDL Ventures Limited after the merger?
Upon the scheme becoming effective, Ashok Leyland Limited will acquire 59.64% shareholding/control in NDL Ventures Limited.
What was 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 Hinduja Leyland Finance shareholders in the merger?
Shareholders of Hinduja Leyland Finance will receive 25 equity shares of NDL Ventures Limited for every 10 equity shares of Hinduja Leyland Finance held.
What is the objective of merging Hinduja Leyland Finance into NDL Ventures Limited?
The scheme aims 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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