TVS group of companies on Thursday announced that the composite scheme of amalgamation and arrangement involving Sundaram Industries Pvt. Ltd. (SIPL) and Southern Roadways Pvt. Ltd. (SRPL) and T.V. Sundram Iyengar & Sons Pvt. Ltd. (TVSS) had come into force with effect from January 6.
TVS Motor Company CMD Venu Srinivasan said that SIPL and SRPL had been amalgamated with TVSS as per a pact executed between various members of the TVS family and the family arrangement.
The shareholding of SIPL and SRPL in Sundaram-Clayton Ltd. had been transferred to TVSS.
On the second appointed date (February 4), two-wheeler auto parts and die casting business undertaking of TVSS (which includes equity shares of the holding company) shall be demerged from TVSS to TVS Holdings Pvt. Ltd.
In a related development, TVS Srichakra Ltd. said its shareholding of SIPL has been vested in/transferred to TVSS. On February 4, TSR Mobility and Supply Chain Solutions Business Undertaking of TVSS shall be demerged from TVSS to TVS Mobility Pvt. Ltd.
The Brake Linings business undertaking of TVSS shall be demerged from TVSS to Madurai Alagar Enterprises Pvt. Ltd. MAEPL.
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