M&M board approves consolidation of group companies
The entire assets and liabilities of MHEL, MTWL and TCL will be transferred to and recorded by the company at their carrying values.
By Autocar Professional Bureau
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The M&M Board has approved the Scheme of Merger by Absorption of Mahindra Heavy Engines Limited (MHEL), Mahindra Two Wheelers (MTWL) and Trringo (TCL), as wholly owned subsidiaries.
The entire assets and liabilities of MHEL, MTWL and TCL will be transferred to and recorded by the company at their carrying values.
The entire share capital of the three companies is held by the Company (directly and jointly with the nominee shareholders).
Once the scheme is effective, the company further informed the exchanges that no shares of the company will be allotted in lieu or exchange of the holding of the company in Mahindra Heavy Engines Limited, Mahindra Two Wheelers and Trringo.
The appointed date of the Scheme will be 1 April, 2023, or any or such other date as may be directed or approved by the National Company Law Tribunal, Mumbai Bench (“NCLT”) or any other appropriate authority.
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