NDL Ventures gets BSE, NSE no-objection for Hinduja Leyland Finance merger

NDL Ventures Ltd has received no-objection and no adverse observation letters from both BSE and the National Stock Exchange for its proposed merger with Hinduja Leyland Finance Ltd (HLFL), marking a key regulatory milestone for the scheme of amalgamation.

In an exchange filing dated May 20, 2026, NDL Ventures said the proposed scheme involves the merger by absorption of Hinduja Leyland Finance into NDL Ventures and their respective shareholders under Sections 230 to 232 of the Companies Act, 2013.

The company stated that BSE issued its no-objection letter on May 18, 2026, while NSE issued its no-objection letter on May 19, 2026. The observation letters are valid for six months from the date of issuance.

NDL Ventures had earlier informed exchanges on November 25, 2025 that its board had approved the proposed merger scheme, subject to receipt of statutory and regulatory approvals.

The filing noted that the merger proposal still requires multiple approvals, including sanction from the National Company Law Tribunal (NCLT), approvals from shareholders and creditors, and other regulatory clearances.

As part of the observation letters, SEBI and the exchanges directed the company to ensure detailed disclosures related to pending proceedings, liabilities, valuation reports, financials, promoter shareholding changes and other scheme-related information before seeking shareholder approval.

The exchanges also stated that the scheme should comply with SEBI Listing Regulations and that no material changes can be made to the draft scheme without prior regulatory consent.

NSE, in its observation letter, said the proposed arrangement would enable the company to proceed with filing the scheme before the NCLT.

Disclaimer: This article is for informational purposes only and should not be construed as investment advice.