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

The restructuring will give each family group complete ownership of businesses they manage while scrapping the holding company

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