Various members of the TVS family on Friday announced a change in the ownership pattern of the group firms after the completion of the family arrangement approved by the National Company Law Tribunal (NCLT).
A comprehensive plan of amalgamation and arrangement was filed with the Chennai bench of NCLT by the group firms. The scheme came into effect on January 6, 2022 and the second appointed date was February 4.
The family settlement was done by group firms including TV Sundaram Iyengar & Sons Pvt. Ltd., Sundaram Industries Pvt. Ltd., Southern Roadways Pvt. Ltd. and TVS Sundaram Fasteners Pvt. Ltd. (TPL), among others.
On Friday, Sundaram Fasteners Limited, TVS Srichakra Limited and Wheels India Limited filed regulatory filings in the matter.
“The second appointed date under the scheme is today,” wrote Suresh Krishna, president of Sundaram Fasteners. “Please be informed that TPL becomes the promoter of the company with effect from 4th February,” he said.
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