Travel services firm Thomas Cook India (TCIL) has completed its corporate restructuring process, after receiving approval from the National Company Law Tribunal (NCLT) Mumbai and Bengaluru.
The composite scheme of arrangement and amalgamation among TC Forex Services and Travel Corporation (India) and TC Travel Services and SOTC Travel Management and TCIL and Quess Corp and their respective shareholders (the Scheme) has become effective on November 25, 2019.
The appointed date from which the scheme will take effect is April 1, 2019.
Madhavan Menon, chairman & managing director, TCIL, said: “Post approval of NCLT Mumbai and Bengaluru on October 10, 2019 and November 7, 2019, respectively, the board has announced the completion of the demerger of Human Resource Services Business of Thomas Cook (India) into Quess Corp on a going concern basis.
“With this restructuring now completed, we are confident that the new simplified group structure will further enable both Thomas Cook India & Quess to grow independently & 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.”
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 November 25, 2019, said the company.
Each shareholder of TCIL will accordingly be issued 1889 shares of Quess Corp of Rs10 (US$0.14) for every 10,000 fully paid up equity shares of Re 1 each held as on the record date in TCIL, it added.