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Suresh Krishna, Chairman and Managing Director, Sundram Fasteners Ltd, has been appointed Chairman of TV Sundram Iyengar & Sons Ltd, the holding company of the TVS group.
The TVS family, which took this decision today, has also decided to convert the holding company into a private limited company.
Krishna, who turned 78 in December, is the grandson of TV Sundaram Iyengar, the founder of the group and is the eldest member in his generation.
The last chairman of TVS & Sons was R Ramachandran, who passed away in December 2004. Since then, the holding company has been without a chairman and Krishna has been chairing the board meetings.
Statutory auditorsConverting TVS & Sons into a private limited company means that it will not have to appoint independent directors and there will not be the mandatory rotation of statutory auditors.
Accounting firm Sundaram and Srinivasan has been the auditor for TVS & Sons for long, as also for a number of group companies.
The TVS family’s shares in group companies are held through TVS & Sons and two of its subsidiaries, Sundaram Industries Ltd and Southern Roadways.
Established in 1911, TVS & Sons, with its registered office in Madurai, is a leading automobile dealership and distribution company.
It has over 50 companies in its fold, making two-wheelers and various automobile components, and distributing passenger and commercial vehicles and automobile parts.
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