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TVS Family To Implement MFA Through Composite Scheme Of Arrangement At NCLT

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.
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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). ....

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Govt to strengthen the framework of NCLT: Finance Minister

Govt to strengthen the framework of NCLT: Finance Minister
At present, hearing of all NCLT benches across India and NCLAT are conducted virtually following the pandemic
(Mint)
. Updated: 01 Feb 2021, 10:27 PM IST PTI
To ensure faster resolution of cases, NCLT framework will be strengthened, e-courts system shall be implemented and alternate methods of debt resolution and special framework for MSMEs shall be introduced, Nirmala Sitharaman said
The NCLT has been facing challenges in terms of infrastructure
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The government will strengthen the framework of the National Company Law Tribunal (NCLT) and implement systems such as e-courts along with alternate methods of debt resolution, Finance Minister Nirmala Sitharaman said on Monday. ....

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Government to strengthen the framework of NCLT: Finance Minister

Government to strengthen the framework of NCLT: Finance Minister
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Last Updated: Feb 01, 2021, 08:12 PM IST
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The NCLT, which is assigned cases of company and corporate matters, with insolvency matters piling up, has been facing challenges in terms of infrastructure. The government will introduce special framework for micro, small and medium enterprises (MSMEs), which have been facing stress since the coronavirus pandemic.
ANI
NEW DELHI: The government will strengthen the framework of the National Company Law Tribunal (NCLT) and implement systems such as e-courts along with alternate methods of debt resolution, Finance Minister Nirmala Sitharaman said on Monday.
Besides, the government will also introduce special framework for micro, small and medium enterprises (MSMEs), which have been facing stress since the coronavirus pandemic. ....

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Boards of 2 TVS group firms approve merger plan

Boards of 2 TVS group firms approve merger plan
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Last Updated: Jan 30, 2021, 10:56 PM IST
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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.
Agencies
In a letter posted on BSE, Srinivasan said that the senior members of the TVS family would deliberate to implement the family arrangement.
New Delhi: 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. ....

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TVS Group implements family arrangement - The Hindu BusinessLine

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. ....

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