Pursuant to its December 10 announcement proposing to align ownership of company shares with the management of respective companies, the 8.5-billion-dollar TVS Group filed a composite scheme of amalgamation and arrangment with the NCLT.
"The scheme envisages amalgamation of Sundaram Industries Pvt Ltd (SIPL) and Southern Roadways Pvt Ltd (SRW) into TV Sundaram Iyenger & Sons(TVSS)," said the TVS Group in a statement, "SIPL, SRW and TVS & Sons to be henceforth referred to as 'TVS holding companies'."
The scheme will see TVS move various business undertakings to the respective companies of relevant family branches belonging to the TVS Group.
"The ownership of various business undertakings (including shares of various companies) managed by a particular branch of the TVS family hitherto vests in the companies where the branch holds majority of the shares," the release added.
The composite scheme will be subject to necessary approvals, including that of NCLT, CCI and registrar of companies.
On December 10, TVS announced that it proposed to draw up a Memorandum of Family Arrangement (MFA). This meant that the company sought to align ownership of various company shares with the management of each of these companies.
The decision to file the amalgamation scheme today, TVS said received approval from the board of the companies involved and the TVS holding companies.
(Edited by : Abhishek Jha)
First Published: IST