At meeting held on 19 December 2018
Thomas Cook (India) announced that the Board of Directors of the company at its meeting held on 19 December 2018 approved the amendments in the Composite Scheme of Arrangement and Amalgamation between Thomas Cook (India) ('TCIL'), Quess Corp ('QCL'), Travel Corporation (India) ('TCI'), TC Forex Services (formerly known as Tata Capital Forex) ('TCF'), TC Travel Services (formerly known as TC Travel and Services) ('TCTSL') and SOTC Travel Management (formerly known as 'SITA Travels and Tours') ('SOTC TRAVEL') and their respective shareholders ('the Amended Scheme').The Scheme inter-alia provides:
Demerger of the inbound business of TCI consisting of business of handling inward foreign tourist activity in India including independent and conducted tours, safaris, expeditions, conferences, meetings and other group movements and also to handle similar foreign tourist activity in other parts of the world through its own offices and agents and correspondents (Demerged Undertaking 1) from TCI into SOTC TRAVEL; and
Amalgamation of residual TCI, TCF and TCTSL with TCIL; and
Demerger of the Human Resource Services Business of TCIL relating to staffing / human resource services for conducting tours and other businesses, talent development and training, resource management, facilities management services, selection services, food services and engineering services (Demerged Undertaking 2) from TCIL into QCL.
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