Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

Thomas Cook India announces completion of its Corporate Restructuring process

Posted On: 2019-11-25 22:41:03

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 Limited and Travel Corporation (India) Limited and TC Travel Services Limited and SOTC Travel Management Private Limited and Thomas Cook (India) Limited and Quess Corp Limited 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) Limited, 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 Hon'ble NCLT Mumbai Bench on October 10, 2019 and by the Hon'ble 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 Limited as per the share entitlement ratio mentioned in the Scheme.

Accordingly, Quess Corp Limited will issue and allot 1889 fully paid-up equity shares of Rs. 10 each of Quess Corp Limited 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.

Madhavan Menon, Chairman & Managing Director, Thomas Cook (India) Ltd, said, "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.

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. While Thomas Cook India becomes a travel focused company; Quess will continue to chart its own growth trajectory in the space of Human Capital & allied services. We are confident that this restructuring will give our individual lines of business the advantages of flexibility and the integration of size, scale and financial strength to take us to the next level of growth.

Each shareholder of Thomas Cook India will accordingly be issued 1889 shares of Quess Corp of Rs 10 for every 10,000 fully paid up equity shares of Re 1 each held as on the record date in Thomas Cook India."

Shares of THOMAS COOK (INDIA) LTD. was last trading in BSE at Rs.153.3 as compared to the previous close of Rs. 150.55. The total number of shares traded during the day was 109665 in over 569 trades.

The stock hit an intraday high of Rs. 155 and intraday low of 150.05. The net turnover during the day was Rs. 16706880.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Prabhat Technologies launches parenteral control mobile application

Karnataka Bank launches KBL Xpress Car Loan

Aditya Vision Ltd opens 41st showroom

Hester Biosciences Ltd board to consider fund raising through issue of equity shares

Ashiana Housing Ltd announces conversion of EoI into booking for Phase 1 of 'Ashiana Aditya'

CARE A1+ rating assinged to Shree Cement's Commercial Paper

ABANS ENTERPRISES LTD announces resignation of CFO

RIL arm acquires 51.78% stake in Asteria

REC Ltd transfers stake in Rampur Sambhal Transco Limited to Powergrid

Wipro Promax Analytics Solutions recognised by Promotion Optimization Institute

Zensar participates in the 'Women in the Workplace 2019' report by McKinsey and LeanIn.Org

AU Bank announces the completion of Temasek's investment for 4.8% stake

BGR Energy Systems bags order from TANGEDCO

Acuite Ratings reaffirms A3+ rating for Dynacons' short term instruments

Premier Explosives Ltd receives license from Telangana Government

Kansai Nerolac dedicates an exclusive installation to Visakhapatnam under its 'Breathing City' initiative

TCS wins CII Industrial IP Award for Best Patents Portfolio

Metropolis Healthcare wins Patient Experience Team of the Year award

Mastek Limited sells its partial stake in Majesco to drive growth strategy

UFO Moviez Unveils New Brand Identity to Reinforce its Cinema Advertising Offering

Infosys Ltd updates on class action lawsuit

Magma Fincorp raises INR 350 Cr. from FMO - the Dutch Development Bank

Majesco Ltd to increase stake in Majesco USA to 74.6%

Smt. Usha Sangwan ceased to be nominee director of AXIS Bank Ltd

Vipin Sondhi appointed as MD & CEO of Ashok Leyland

Let us not forget our Fundamental duties in the clamour for Fundamental Rights

Biocon & Equillium Expand Exclusive Licensing Agreement for Itolizumab to Include Australia and New Zealand

IDEGO and EdgeVerve Join Hands to Drive RPA Adoption Across Latin America

Brickwork reaffirms ratings of SRG Housing Finance Limited

Sambhaav Media Ltd commences FM Radio Station at Bhaderwah (J&K) (94.3 MHz)

Embassy Group's HR Practices and Workplace Culture earns Top Rank in the Industry

Persistent Systems announces new leadership for unified Salesforce practice in Europe

Navin Fluorine International Ltd plans capex at Dahej, Gujarat

Datamatics to Strategically Divest its Stake in Cignex Datamatics Inc.

Aster DM Healthcare Ltd increases stake in Prerana Hospital Ltd to 86.99%

Kesar Enterprises Ltd accepts OTS with Allahabad Bank, UCO Bank

South African Depository Consolidates All Operations on to TCS BaNCS™ for Market Infrastructure

One of the leading Global Business Process Outsourcing Company Goes Live on Ramco

Wipro wins the '2019 SUSE Global System Integrator Partner of the Year' award

Infosys Awarded the 'Excellent Partner Award' by Mazda

Bank of Baroda allots 65,14,65,798 shares to Government of India

CreditAccess Grameen Wins the Prestigious 'Microfinance Organization of the Year' Award

INOX Leisure Limited commences operations of multiplex at Orion Mall, Gorakhpur

Wipro awarded Cloud and Infrastructure Transformation Partnership Contract by OlymPus

More than 50 percent of Enterprises look at Cloud Applications as a Foundation for Digital Transformation - Infosys Research

HT Media Ltd's Long term rating downgraded to 'CRISIL AA / Stable'

Sterling and Wilson Solar Ltd's subsidiary receives order of approx. Rs. 827 crore

Hikal Ltd receives EIR from US FDA for Panoli facility, shares surge

Maruti Suzuki Super Carry celebrates three glorious years in India with over 50,000 delighted customers

Arman Financial Services Ltd board approves proposal to raise Rs. 125 crores







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019