Senior TVS family members to file composite amalgamation scheme with NCLT

Group has over 50 firms managed by various branches of the TVS family tree. With time, the members felt ownership of shares in various enterprises should be in sync with their management

After executing the memorandum of family arrangement (MFA) in Dece­mber, members of the $8.5-billion TVS group have decided to implement the family arrangement, inter alia, thro­ugh a composite scheme of amalgamation and arrangement to be filed with the National Company Law Tribunal (NCLT).

On December 10, 2020, an MFA was executed among various mem­bers of the TVS family who are shareholders of T V Sundram Iyengar & Sons (TVSS), Sundaram Industries (SIPL) and Southern Roadways (SRW). The three firms are collectively refer­red to as the TVS holding companies.

According to sources in the group, pursuant to the MFA, senior members of the