Thomas Cook India completes Corporate Restructuring process

Thomas Cook (India) announced that the Composite Scheme of Arrangement and Amalgamation amongst TC Forex Services and Travel Corporation (India) and TC Travel Services and SOTC Travel Management and Thomas Cook (India) and Quess Corp and their respective shareholders (the Scheme) has become effective on 25 November 2019.

The appointed Date, from which the Scheme will take effect is 01 April 2019.

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 25 November 2019.

Post sanction of the Scheme by the Hon'ble NCLT Mumbai Bench on 10 October 2019 and by the Hon'ble NCLT Bengaluru Bench on 07 November 2019, the Board has fixed 06 December 2019 as the Record Date, for the purpose of determining the shareholders of Thomas Cook (India) who shall be entitled to receive the equity shares of Quess Corp as per the share entitlement ratio mentioned in the Scheme.

 

Accordingly, Quess Corp will issue and allot 1889 fully paid-up equity shares of Rs. 10 each of Quess Corp for every 10,000 fully paid-up equity shares of Re. 1 each, held as on 6 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.

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