Thomas Cook India Completes Corporate Restructuring
Travel services firm Thomas Cook (India) Ltd. on Monday said its corporate restructuring process has been completed after receiving approvals from the National Company Law Tribunal Mumbai and Bengaluru.
“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 has become effective today,” the company said in a filing to the BSE.
The appointed date, from which the scheme will take effect, is April 1 next year, it added.
“Post approval of NCLT Mumbai and Bengaluru on Oct. 10, 2019, and Nov. 7, 2019, respectively, the board has announced the completion of the demerger of Human Resource Services Business of Thomas Cook (India) Ltd. into Quess Corp Ltd. on a going concern basis,” said Thomas Cook (India) Chairman and Managing Director Madhavan Menon.
With this restructuring now completed, “we are confident that the new simplified group structure will further enable both Thomas Cook India 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 added.
The board also took on record the amalgamation of residual Travel Corporation (India), TC Travel Services and TC Forex Services with the company with effect from Monday, Thomas Cook India said.
Shares of Thomas Cook India closed at Rs 153.10 per scrip on the BSE, up 1.69 percent from its previous close.