NCLT Chennai sanctioned a scheme for the amalgamation of Sundaram Auto Components Ltd, a wholly-owned subsidiary, into its holding company TVS Motor Company Ltd.
The scheme aims to streamline corporate structure, achieve operational synergies, and reduce compliance costs, with an appointed date of 1st April 2025.
No consideration will be issued for the amalgamation, and the entire share capital of the transferor company will stand cancelled upon effectiveness.
The Tribunal addressed observations from the Regional Director and Official Liquidator regarding pending litigation, charges, and dividend declaration, requiring specific undertakings from the companies.