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Tata Motors gets NCLT nod for hiving off passenger vehicles biz into separate entity
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Tata Motors gets NCLT nod for hiving off passenger vehicles business into separate entity
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Tata Motors on Monday said that its shareholders have approved the hiving off the passenger vehicle (PV) business into a separate entity.
On March 5, the shareholders of the auto major had voted on a proposal to transfer the passenger vehicles unit to TML Business Analytics Services Ltd as a going concern.
TML Business Analytics will pay a lump sum for the transfer which will take place on a slump sale basis.
In a regulatory filing, Tata Motors said around 215.4 crore votes were polled of which around 215.3 crore were in favour of the resolution. This translates into 99.96 per cent of the votes, while 8.9 lakh votes (0.042 per cent) were against the proposal. In terms of public institutional shareholders, around 68.9 crore votes were polled with all of them in favour and none against the resolution.