Mumbai (Maharashtra) [India], Nov 26: Travel and financial services firm Thomas Cook India Ltd (TCIL) has completed its corporate restructuring process after getting approvals from the National Company Law Tribunal (NCLT) Mumbai and Bengaluru benches.
“The composite scheme of arrangement and amalgamation among TC Forex Services Ltd, Travel Corporation India Ltd, TC Travel Services Ltd, SOTC Travel Management Pvt Ltd, Thomas Cook India Ltd, Quess Corp Ltd, and their respective shareholders has become effective today,” the company said in a regulatory filing to stock exchanges late on Monday. The appointed date of the scheme is April 1, 2019.
TCIL Chairman and Managing Director Madhavan Menon said that after the approval of NCLT Mumbai and Bengaluru on Oct 10 and Nov 7, the board has announced the completion of demerging the company’s human resource services business into Quess Corp Ltd on a going concern basis.
“With this restructuring now completed, we are confident that the new simplified group structure will further enable both TCIL and Quess to grow independently and consolidate their positions in their segments with far greater clarity of focus from an industry and growth and opportunity point of view — for investors, management and teams,” he said.
Each shareholder of TCIL will accordingly be issued 1,889 shares of Quess Corp of Rs 10 for every 10,000 fully paid-up equity shares of Re 1 each held as on the record date in TCIL.
The board also took on record the amalgamation of residual Travel Corporation India Ltd, TC Travel Services Ltd and TC Forex Services Ltd with the company with effect from Monday, TCIL said