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Informist, Tuesday, Sept. 8, 2026

 

--NCLT OKs Pitti Industries, Dakshin Foundry's merger with parent Pitti Engg 

 

NEW DELHI – The Hyderabad bench of the National Company Law Tribunal Tuesday approved the merger of Pitti Industries Pvt. Ltd. and Dakshin Foundry Pvt. Ltd. with parent Pitti Engineering Ltd. Pitti Industries and Dakshin Foundry will be dissolved without going through the process of winding up, the tribunal said.

 

"...We are of the view that there are no tenable observations which will come in the way of scheme," the tribunal said. The scheme of amalgamation is not opposed to public interest and is in the interests of all the companies and their respective shareholders, employees, creditors, and all persons concerned, it said. Hence the scheme can be approved with Apr. 1, 2026, as the appointed date, it said.

 

Pitti Industries and Dakshin Foundry are wholly owned subsidiaries of Pitti Engineering with all shares in them being held by the latter and its nominees. Pitti Engineering being the holding company cannot issue or allot any shares to itself, and no shares whatsoever shall be issued by it in consideration of the amalgamation, the tribunal said. Accordingly, all such shares of Pitti Industries and Dakshin Foundry held by Pitti Engineering along with its nominees and investment of the latter in such shares as appearing in the books of the amalgamated company shall stand cancelled without issue or allotment of new shares, it said.

 

Pitti Industries, Dakshin Foundry, and Pitti Engineering are engaged in similar businesses. The amalgamation will result in a reduction and rationalisation of multiple entities in the group and a more simplified corporate structure of Pitti Engineering and its business, according to the scheme of amalgamation. This would lead to more efficient use of capital and creation of a consolidated base for future growth.

 

Pitti Industries is engaged in the manufacture of electrical steel laminations, assemblies, and die-cast rotors. Dakshin Foundry is engaged in the manufacture of high-quality casting in ductile iron, grey iron, low carbon, alloy steel grades, and simo iron castings along with value-added services like pattern making. Pitti Engineering is involved in the manufacture of engineering products of iron and steel, including electrical steel laminations, castings, stator and rotor core assemblies, sub-assemblies, pole assemblies, die-cast rotors, press tools, and high precision machining of various metal components.

 

Tuesday, shares of Pitti Industries ended at INR 1,171.30 on the National Stock Exchange, down 0.4% from Monday.  End

 

Reported by Surya Tripathi

Edited by Rajeev Pai

 

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