Merger of TOMCO and HLL

Once upon a time, in India’s corporate history, a landmark case unfolded — Hindustan

Lever Employees’ Union versus Hindustan Lever Limited and Others. The story began

with two major companies — Tata Oil Mills Company, known as TOMCO, and Hindustan Lever

Limited, or HLL. Both produced soaps, detergents, and toiletries.

TOMCO was struggling with heavy losses. To survive, it proposed an amalgamation with HLL.

A renowned chartered accountant, Mr. Y.H. Malegam, valued the companies

and fixed an exchange ratio — two HLL shares for every fifteen TOMCO shares.

The boards of both companies approved the scheme. Notices, explanatory statements,