The proposed transaction does not give rise to any competition concerns irrespective of the manner in which the markets are defined, as per the CCI's notice
Fair trade regulator CCI on Monday gave a nod for internal restructuring of the TVS Group. The transaction involves an internal restructuring within the TVS group pursuant to the execution of a memorandum of family arrangement, the composite scheme of amalgamation, and arrangement in January between the parties and board resolutions dated 30 January 2021, as per a combination
TVS Group implements family arrangement
January 27, 2021
Holding company transfers equity in listed entities to the respective family investment firms
TVS family members, who had announced plans on December 10 last year to align ownership with management of the various group companies, on Wednesday agreed on the methodology to execute it.
In a notification to the stock exchanges, various listed companies of the group detailed how they will carry out the process a composite scheme of amalgamation and arrangement that will be filed before the Chennai Bench of the National Company Law Tribunal (NCLT).
As a first step, the two holding companies Sundaram Industries Pvt Ltd and Southern Roadways Pvt Ltd will be amalgamated into TVS Sundaram Iyengar & Sons Pvt Ltd, another holding company. At the same time, businesses managed by various family members will be demerged into companies that are majority-owned by the respective families.
TVS elders to execute family arrangement pact
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MFA to include amalgamation of firms
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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.