BENGALURU | MUMBAI | AHMEDABAD-GANDHINAGAR | RAJKOT
- In a regulatory filing submitted to the Indian Stock Exchanges, Mumbai headquartered travel business services company Thomas Cook India Ltd said of demerging its human resource business into Quess Corp Ltd on an on-going concern basis.
In a press-release as submitted to the Indian Bourses, titled - "Thomas Cook India announces completion of its Corporate Restructuring process," it further read that the company completes demerger of Human Resource Services Business of Thomas Cook (India) Ltd into Quess Corp Ltd on a going concern basis.
The company also demerged of the inbound business undertaking of Travel Corporation India Ltd into SOTC Travel Management Pvt Ltd on a going concern basis and amalgamation of residual Travel Corporation India Ltd, TC Travel Services Ltd and TC Forex Services Ltd with Thomas Cook India.
The release details further read that, Thomas Cook (India) Ltd., India’s leading integrated travel and travel related financial services company, at its Board meeting held today, announced that the Composite Scheme of Arrangement and Amalgamation amongst TC Forex Services Ltd and Travel Corporation (India) Ltd and TC Travel Services Ltd and SOTC Travel Management Pvt Ltd and Thomas Cook (India) Ltd and Quess Corp Ltd and their respective shareholders (“the Scheme”) has become effective today.
The Appointed Date, from which the Scheme will take effect is April 1, 2019.
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 today, November 25, 2019.
Post sanction of the Scheme by the NCLT (National Company Law Tribunal) Mumbai Bench on October 10, 2019 and by the NCLT Bengaluru Bench on November 7, 2019, the Board has fixed December 6, 2019, as the Record Date, for the purpose of determining the shareholders of Thomas Cook (India) Limited who shall be entitled to receive the equity shares of Quess Corp Ltd, as per the share entitlement ratio mentioned in the Scheme.
Accordingly, Quess Corp Ltd will issue and allot 1889 fully paid-up equity shares of Rs. 10 each of Quess Corp Ltd for every 10,000 fully paid-up equity shares of Re. 1 each, held as on 6th December, 2019, by a member in Thomas Cook India.
The restructuring process with the realignment of the travel businesses of TCIL & consolidation of the human resource services business into Quess Corp., is aimed at simplifying & clarifying structure & holdings, streamlining businesses & resources, ensuring focused management & eliminating cross holdings at Thomas Cook India.
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