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TVS Group restructures its 15 business units, gets CCI approval

TVS Group restructures its 15 business units, gets CCI approval

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TVS group board of directors give their nod for 'family arrangement'

The board of directors of the $8.5 billion TVS Group's holding companies have approved the so-called memorandum of family arrangement (MFA) between various members of the TVS family.
Present shareholders of the holding companies primarily consist of third and fourth generation family members of TVS Group founder T V Sundaram Iyengar. The group currently has over 50 companies that have been traditionally managed by members of different branches of the TVS family. Over the time, various members of the TVS family felt that the ownership of shares in various businesses should align with the management of respective businesses.
The arrangement according to the MFA is envisioned to bring about amity and maintain goodwill among members of the TVS family. Family members said this will preserve memories of TV Sundaram Iyengar.

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Senior TVS family members to file composite amalgamation scheme with NCLT

After executing the memorandum of family arrangement (MFA) in December, members of the $8.5-billion TVS group have decided to implement the family arrangement, inter alia, through a composite scheme of amalgamation and arrangement to be filed with the National Company Law Tribunal (NCLT).
On December 10, 2020, an MFA was executed among various members of the TVS family who are shareholders of T V Sundram Iyengar & Sons (TVSS), Sundaram Industries (SIPL) and Southern Roadways (SRW). The three firms are collectively referred to as the TVS holding companies.
According to sources in the group, pursuant to the MFA, senior members of the TVS family were nominated to deliberate on the implementation of the family arrangement.

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