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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.
For instance, the two-wheeler auto parts and dies casting business will be demerged into TVS Investment & Holdings Pvt Ltd, a company where Venu Srinivasan and his immediate family have a majority stake. This includes 63.76 per cent of Sundaram Clayton (holding company of TVS Motor Company).
Similarly, the Sundaram Motors and Madras Auto Service Dealership & Automotive business, including a 29.69 per cent stake in Wheels India Ltd, will vest with Trichur Sundaram Santhanam & Family Pvt Ltd — a company majority owned by TS Santhanam family.
Fastener business
The fastener business will be demerged to TVS Sundram Fasteners Pvt Ltd (TVSSFPL), including 49.53 per cent stake in Sundram Fasteners Ltd. TVSSFPL is majority-owned by Suresh Krishna and family.
On similar lines, the brake linings business will be demerged into Madurai Alagar Enterprises Pvt Ltd (MAEPL), a company majority-owned by Mahesh Krishna’s family. MAEPL will hold a 32.66 per cent stake in Sundaram Brake Linings Ltd.
That apart, TVS Investments Pvt Ltd will be amalgamated into Geeyes Family Holdings Pvt Ltd. It will hold 59.84 per cent of TVS Electronics Ltd.
Geeyes is majority-owned by Gopal Srinivasan’s family.
The scheme is subject to various approvals including the board of directors of all the companies involved and relevant regulatory approvals.
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