CHENNAI: The TVS group on Thursday filed a composite scheme of amalgamation and arrangement with the NCLT in pursuance of its December 10 announcement that spoke of a family arrangement executed amongst various members of the TVS family to effect the alignment of the ownership of shares in various companies/businesses forming part of the TVS Group.
“A composite scheme of amalgamation and arrangement (“Scheme”) has been filed today with the Hon’ble National Company Law Tribunal, Chennai Bench (“NCLT”) involving, inter alia, T V Sundram Iyengar & Sons Private Limited (“TVSS”), Sundaram Industries Private Limited (“SIPL”), Southern Roadways Private Limited (“SRW”) (TVSS, SIPL and SRW hereinafter collectively referred to as the “TVS Holding Companies”) and certain companies belonging to branches of the TVS family,” a statement from the company read.
It said the Scheme envisages the amalgamation of SIPL and SRW into TVSS, and movement of various business undertakings (including shares in various companies) to the respective companies of the relevant branches of the TVS family, such that ownership of the business undertakings (including shares in the companies) managed by a particular branch of the TVS family hitherto vests with companies in which such branch holds a majority of the equity shares.
The Scheme was approved by the board of directors of the relevant companies involved and TVS Holding Companies on January 30, 2021.
“The Scheme will be subject to necessary approvals including relevant regulatory authorities including NCLT, competition authorities (as applicable), and necessary corporate approvals and filings with the registrar of companies etc,” the statement said.