German chemical and pharma major Bayer AG has said that the National Company Law Tribunal (NCLT) approved the merger plan of its subsidiary with biotech company Monsanto India Ltd.
"The Mumbai bench of NCLT has on September 13 conveyed its approval for the scheme of amalgamation of Monsanto India Ltd with Bayer CropScience Ltd and their respective shareholders under sections 230 to 232 of the Companies Act 2013," the company said in a regulatory filing late on Friday night.
The scheme will become effective after the company files the certified copy of the NCLT order along with the amalgamation scheme with the Registrar of Companies, it said.
In June 2018, Bayer AG had announced the completion of 63 billion dollar mega-deal to acquire US-based major Monsanto to create the world's biggest agro-chemical and seed company.
In May, Bayer received approval from the Competition Commission of India (CCI), paving way for the completion of global merger.
Bayer CropScience took shareholders' approval for the merger in the first quarter of current financial year 2019-20 and was awaiting the final approval of the NCLT to make the global merger effective in India.
