After merging three of its subsidiaries into Ashley Services Ltd (ASL), commercial vehicle manufacturer Ashok Leyland Ltd is planning to merge the merged wholly owned subsidiary ASL into the main entity.
In a filing with the exchanges today, the company said that its Board of Directors has approved the Scheme of Amalgamation of Ashley Services Ltd, a wholly-owned subsidiary of the company, with Ashok Leyland Ltd. The merger will be subject to the approval of regulatory authorities as required and the Madras High Court.
In August, this year, the company announced that it has completed merger of three of its subsidiaries, Ashley Holdings Limited (AHL), Ashley Investments Limited (AIL) and Ashok Leyland Project Services Limited (ALPS) into Ashley Services Ltd (ASL). With this, ASL became a wholly owned subsidiary of the company with effect from April 1, 2013.