The merger by absorption of the transferor companies with the company stands completed from June 6, 2024 upon the scheme becoming effective, by the National Company Law Tribunal, Mumbai Bench (NCLT), the company said in its regulatory filings.
MHEL was manufacturing engines and other auto components for vehicles and genset applications. MTWL dealt in parts required for the range of two wheelers, passenger light motor vehicles and commercial vehicles manufactured and sold by the M&M. MTWL also undertakes procurement, warehousing management, logistics and sale of spare parts and accessories. TCL organized farm equipment rentals through a franchisee-based model.
The company believes this merger will benefit in the consolidation of businesses of the Transferor Companies and the Transferee Company; reduction in number of companies and regulatory compliances that will streamline the holding structure and ease the management. This will also reduce operating and administrative costs.
The company has said that there is no change in the shareholding pattern of the company after the merger as no shares have been issued by the company in connection with the Scheme.
“The entire share capital of the Transferor Companies was held by the Company (directly and jointly with the nominee shareholders). Upon the Scheme becoming effective, no shares of the Company have been allotted in lieu or exchange of the holding of the Company in the Transferor Companies (held directly and jointly with the nominee shareholders) and accordingly, Equity Shares held in the Transferor Companies stand cancelled on the Effective Date without any further act/instrument or deed,” the company added.
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