On January 27, the principal named members of the TVS family decided to implement the Family Memorandum of Understanding (MOU), through a composite plan of merger and arrangement to be filed with National Company Law Tribunal (NCLT) Chennai Bench.
The MFA will include the merger of TV Sundram Iyengar & Sons Pvt. Ltd., Sundaram Industries Pvt. Ltd., Southern Roadways Pvt. Ltd., and Trichur Sundaram Santhanam & Family Pvt. Ltd., said family members of the TVS Group.
Recall that on December 10, the descendants of the TVS family, shareholders of the TVS group holdings, agreed to subscribe to the terms of the AMF mainly to establish friendship and maintain goodwill between the members of the family.
Group companies including Sundram Fasteners Ltd., TVS Motor Company Ltd., Sundaram Clayton Ltd., TVS Srichakra Ltd. and TVS Electronics Ltd., announced the decision of family members to complete the arrangement.