New Delhi: Mahindra & Mahindra informed its investors about the merger of Mahindra Heavy Engines Limited (Transferor Company 1), and Mahindra Two Wheelers Limited (Transferor Company 2) and Trringo.com Limited (Transferor Company 3) (hereinafter referred to as “Transport Company 3") with Mahindra & Mahindra Limited (Transferee Company).
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 their regulatory filings.
MHEL was manufacturing engines and other auto components for vehicle and generator applications. MTWL dealt with parts required for the range of two-wheelers, light passenger vehicles and commercial vehicles manufactured and sold by M&M. MTWL also deals with purchasing, warehouse management, logistics and sales of spare parts and accessories. TCL organized the leasing of agricultural equipment through a franchise-based model.
The Company believes this merger will benefit in the consolidation of businesses of the transportation companies and the transferee company; Reduction in the number of companies and regulatory compliance that will simplify the ownership structure and facilitate management. This will also reduce operating and administrative costs.
The company said 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 allocated in lieu or exchange of the Company's ownership in the Transferor Companies (held directly and jointly with the nominee shareholders) and accordingly. Therefore, the shares held in the Transferor companies stand cancelled and the company added on the effective date without any additional action/instrument or deed.
Also Read: Top 5 EV Manufacturers Revolutionizing India's Two-Wheeler Market
