Senior nominated members of the TVS family on January 27 decided to implement the memorandum of family arrangement (MFA), through a composite scheme of amalgamation and arrangement to be filed with the National Company Law Tribunal, (NCLT) Chennai Bench.
The MFA will include amalgamation of T.V. Sundram Iyengar & Sons Pvt. Ltd., Sundaram Industries Pvt. Ltd., Southern Roadways Pvt. Ltd., and Trichur Sundaram Santhanam & Family Pvt. Ltd., TVS group family members said.
It may be recalled that on December 10, scions of the TVS family, who are shareholders of the TVS group’s holding companies, agreed to subscribe to the terms of the MFA primarily to bring about amity and maintain goodwill among members of the family.
Group companies including Sundram Fasteners Ltd., TVS Motor Company Ltd., Sundaram Clayton Ltd., TVS Srichakra Ltd., and TVS Electronics Ltd., had announced the decision of the family members to enter into the arrangement.
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