TVS family files amalgamation scheme with NCLT


Chennai: Members of the TVS family have filed a composite scheme of ‘amalgamation and arrangement’ with the National Company Law Tribunal with a view to implementing the ongoing family arrangement.
The scheme involves amalgamation of Sundaram Industries Private Limited (SIPL) and Southern Roadways (SRW) into TV Sundram Iyengar & Sons (TVSS) and movement of various business undertakings (including shares in various companies) to the respective companies belonging of the branches of the TVS family. This will be done in a way such that ownership of the businesses (including shares in the companies) managed by a particular branch of the TVS family vests with companies in which that branch holds majority stake.
The scheme was approved by the board of directors of the relevant companies involved and TVS Holding Companies on January 30, 2021. The scheme, which will be subject to necessary approvals including NCLT, comes on the back of the memorandum of arrangement between various members of the TVS family announced last December. This was aimed at working out the alignment of the ownership of shares in various companies forming part of the TVS Group with the management of the respective companies/businesses.


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