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Ashok Leyland plans to merge wholly-owned subsidiary with itself

Merger will be subject to approval of regulatory authorities as required and Madras High Court

Gireesh Babu  |  Chennai 

After merging three of its subsidiaries into Ltd (ASL), commercial vehicle manufacturer 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 Ltd, a wholly-owned subsidiary of the company, with 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 Project Services Limited (ALPS) into Ltd (ASL). With this, ASL became a wholly owned subsidiary of the company with effect from April 1, 2013.

First Published: Tue, November 19 2013. 19:34 IST