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The National Company Law Tribunal (NCLT), Chennai, on Wednesday reserved its orders on the composite scheme of amalgamation and arrangement among the TVS family members.
The scheme has already been approved by the Competition Commission, RoC Regional Director and Official Liquidator. The NCLT needs to approve it, the counsel for the companies told the tribunal in a hearing.
On December 10, 2020, TVS family members announced plans to align ownership with management of the various group companies. The group’s various listed companies detailed how they will carry out the process of the scheme of amalgamation and arrangement before the 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 (TVSS), another holding company. At the same time, businesses managed by various family members will be put into companies that are majority-owned by respective families, the companies earlier said.
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