Tata Motors gets shareholders' nod to hive off PV business into new entity Of the total 215.41 crore votes polled, 215.32 crore, or 99.958 per cent, were in favour of the resolution, Tata Motors said. BusinessToday.In | March 8, 2021 | Updated 19:30 IST Last year, the company's board had approved a plan to subsidiarise its passenger vehicles business into a separate subsidiary through a scheme of arrangement. Tata Motors Ltd has received its shareholders' approval to hive off its passenger vehicle business into a separate subsidiary. The company's shareholders voted on March 5 to consider and approve transfer of its passenger vehicles business unit to TML Business Analytics Services Ltd as a going concern on a slump sale basis for a lump sum consideration.