New Delhi: The National Company Law Tribunal (NCLT) on Friday approved the merger of biotech company Monsanto India Ltd with Bayer CropScience.
In June 2018, German chemical and pharma major Bayer AG had announced completion of the USD 63 billion mega-deal to acquire US-based biotech major Monsanto to create the world's biggest agro-chemical and seed company.
Bayer had in May received approval from the fair trade regulator Competition Commission of India (CCI), paving way for the completion of the global merger.
Bayer CropScience took shareholders' approval for the merger during the first quarter of 2019-20 and was waiting the final approval of the NCLT to make the global merger effective in India.
"...the Mumbai Bench of the NCLT has on September 13, 2019 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," Bayer CropScience said in a regulatory filing.
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.
Bayer Group is present in India since 1896 and has two divisions -- crop science and pharmaceutical. It has one listed entity in India -- Bayer CropScience Ltd.