A look at the TVS Group s proposed recast of holdings thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.
Member companies of the TVS Group have filed a composite scheme of amalgamations and arrangements with the Chennai Bench of the National Company Law Tribunal (NCLT) as a follow-up to the December 10 m
TVS family to implement MFA through composite scheme of arrangement at NCLT
On December 10, 2020, an MFA was executed among various members of the TVS family who are shareholders of T V Sundram Iyengar & Sons (TVSS), Sundaram Industries (SIPL), and Southern Roadways (SRW). The three firms are collectively referred to as the TVS holding companies.
Representative Image
Chennai-based TVS group said that the company has filed a composite scheme of amalgamation and arrangement (“Scheme”) with the National Company Law Tribunal, Chennai Bench (NCLT), in a regulatory filing on February 11.
The said scheme is being filed to implement the memorandum of family arrangement (MFA).
After executing the memorandum of family arrangement (MFA) in December, members of the $8.5-billion TVS group have decided to implement the family arrangement, inter alia, through a composite scheme of amalgamation and arrangement to be filed with the National Company Law Tribunal (NCLT). On December 10, 2020, an MFA was executed among various members of the TVS family who are shareholders of T V Sundram Iyengar & Sons (TVSS), Sundaram Industries (SIPL) and Southern Roadways (SRW). The three firms are collectively referred to as the TVS holding companies. According to sources in the group, pursuant to the MFA, senior members of the TVS family were nominated to deliberate on the implementation of the family arrangement.
TVS elders to execute family arrangement pact
Updated:
Updated:
MFA to include amalgamation of firms
Share Article
MFA to include amalgamation of firms
Senior nominated members of the TVS family on January 27 decided to implement the memorandum of family arrangement (MFA), through a composite scheme of amalgamation and arrangement to be filed with the National Company Law Tribunal, (NCLT) Chennai Bench.
The MFA will include amalgamation of T.V. Sundram Iyengar & Sons Pvt. Ltd., Sundaram Industries Pvt. Ltd., Southern Roadways Pvt. Ltd., and Trichur Sundaram Santhanam & Family Pvt. Ltd., TVS group family members said.
It may be recalled that on December 10, scions of the TVS family, who are shareholders of the TVS group’s holding companies, agreed to subscribe to the terms of the MFA primarily to bring about amity and maintain goodwill among members of the family.