TVS Motor Company on Saturday said the boards of TVS Holding Companies and TVS Investments and Holdings have approved a composite scheme of amalgamation and arrangement which is to be filed with the NCLT soon.
In a letter posted on the BSE, TVS Motor Company Chairman and Managing Director Venu Srinivasan said the scheme will be filed with the Chennai Bench of the NCLT.
"I wish to inform you that the composite scheme of amalgamation and arrangement to be filed with the Honorable National Company Law Tribunal, Chennai Bench (“NCLT”)..was approved by the respective board of directors of the TVS Holding Companies and TVS Investments and Holdings Pvt Ltd on January 30, 2021," he noted.
The scheme, together with the necessary documents, will be filed with the NCLT soon, he added.
On December 10 last year, Srinivasan had informed that members of the TVS family have agreed to subscribe to the terms of a memorandum of family arrangement to align and synchronise the ownership of shares in various group companies.
In a letter posted on BSE, Srinivasan said that the senior members of the TVS family would deliberate to implement the family arrangement.
TVS Motor Company is not a party to this arrangement The TVS Family has been engaged, for more than a century, in a diverse range of businesses through various entities in which the branches of the TVS family have invested in through TV Sundram Iyengar & Sons Pvt. Ltd, Sundaram Industries Pvt. Ltd. and Southern Roadways Pvt Ltd (collectively referred to as the TVS Holding Companies).
Over the decades, the TVS family has expanded their businesses and the TVS Group has grown into a large business conglomerate with interests in several businesses, including two-wheeler and automotive component manufacturing, automotive dealerships, distribution of automotive parts, financial services, logistics services, electronics and textiles.