$8.5 billion TVS Group restructures ownership of group companies, to scrap holding company
The family members heading the group's listed companies like TVS Motor Company Ltd, TVS Srichakra Ltd, Wheels India Ltd and others, in an identical letter, have intimated the respective Company Secretaries about the family decision and these were, in turn, filed with the stock exchanges.
"With the passage of time, various members of the TVS Family felt that the ownership of shares in various companies/businesses should align and synchronise with the management of the respective companies, as is currently being done, the regulatory filing said.
Senior nominated members of the family shall now deliberate on how best to further implement this arrangement.
According to the TVS family, the new arrangement shall not affect the management and functioning of the companies in any way, and they expect to continue business in ordinary course without impacting any of the stakeholders.
The present shareholders of the TVS Holding Companies primarily consist of the third and fourth generations of the original founder, T.V. Sundaram Iyengar. The various businesses/entities of the TVS Group have been traditionally managed by members of the different branches of the family.
The TVS family has been engaged, for more than a century, in a diverse range of businesses through various entities in which the branches of the TVS Family have invested in or through T.V. Sundram Iyengar and Sons Private Ltd, Sundaram Industries Private Ltd and Southern Roadways Private Ltd - collectively known as TVS Holding Companies.
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