Sebi allows Thomas Cook to withdraw buyback offer, cites Covid impact

Thomas Cook India said its reported cash and bank deposits had dropped by Rs 146 crore to Rs 245 crore during the three months to June 2020.

India's market regulator has allowed travel company Thomas Cook India to withdraw a share buyback offer, agreeing with the company that the coronavirus pandemic's financial impact had made the plan "impossible".

Thomas Cook’s board in February 2020  agreed to carry out a Rs 150-crore share repurchased programme, but lockdowns and travel restrictions disturbed that plan.

The company approached the Securities and Exchange Board of India (Sebi) to withdraw the offer, citing cash burn during the June 2020 quarter.

In an order on Thursday, Sebi said if Thomas Cook is compelled to carry out the buyback it will “result in an