BackCCI clears internal rejig in TVS Group
The ‘composite scheme of amalgamation and arrangement’ of the group’s business was cleared by all stakeholders following a board resolution in January
PremiumNEW DELHI : The Competition Commission of India (CCI) on Monday approved the internal restructuring of the TVS Group on the basis of a family arrangement arrived at in December 2020, the CCI said in a statement. The ‘composite scheme of amalgamation and arrangement’ of the group’s business was cleared by all stakeholders following a board resolution in January.
CCI said the approval was given under Section 31 (1) of the Competition Act, wherein clearances are given to transactions that do not adversely affect competitiveness in the market. CCI did not mention any modification to the deal.
The parties to the transaction include T.V. Sundaram Iyengar and Sons Pvt. Ltd, which is engaged in production and distribution of automotive components and automobiles, Sundaram Industries Pvt. Ltd, which provides tyre solutions and manufactures rubber compounds, Southern Roadways Pvt. Ltd, engaged in road transport and parcel services, and TVS Investments Pvt. Ltd, besides 11 other group companies, CCI added.
In January, TVS Motor Co. told the BSE that shareholders of the TVS Holding cos primarily includes third and fourth generations of the original founder, T.V. Sundaram Iyengar. “The various companies/businesses of the TVS Group have been traditionally managed by members of the different branches of the TVS family. With the passage of time, various members of the family felt that the ownership of shares in various companies should align and synchronize with the management of respective companies as is currently being done," it had said.
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