Menon resigns from board of Quess Corp

Travel services provider Thomas Cook India on Tuesday said its Chairman and Managing Director Madhavan Menon has resigned from the board of Quess Corp Ltd with immediate effect.

Thomas Cook India Ltd (TCIL) owns 48.57 per cent stake in integrated business services provider, Quess Corp Ltd. Madhavan Menon was a non-executive director in the Quess Corp.

"In light of the fact that the composite scheme has been approved by the Hon'ble Mumbai NCLT Bench dated Oct 10, 2019, I would like to tender my resignation from the board of Quess Corp Ltd with immediate effect," Menon said in a letter to Quess Corp board.

The letter was submitted by Thomas Cook India to stock exchanges.

In an earlier regulatory filing, the company had said the National Company Law Tribunal's (NCLT) Mumbai bench has, at the hearing on October 10 allowed the Composite Scheme of Arrangement and Amalgamation among TC Forex Services Ltd, Travel Corporation (India) Ltd, TC Travel Services Ltd, SOTC Travel Management Private Ltd, Thomas Cook (India) Ltd and Quess Corp Ltd and their respective shareholders.

Further, the final hearing for Quess Corp Ltd is scheduled for October 18 in the NCLT's Bengaluru bench. Once the order is received from both the NCLT benches and filed with the respective registrars of companies, the scheme shall be made effective, it had added.

Shares of Thomas Cook (India) Ltd closed down at Rs 118 per scrip on the BSE, a fall of 2.40 per cent from its previous close.