Thomas Cook India completes corporate restructuring

Travel services firm Thomas Cook India on November 25 said its corporate restructuring process has been completed after receiving approvals from the NCLT Mumbai and Bengaluru. "...the Composite Scheme of Arrangement and Amalgamation amongst TC Forex Services Ltd and Travel Corporation (India) Ltd and TC Travel Services Ltd and SOTC Travel Management Pvt Ltd and Thomas Cook (India) Ltd and Quess Corp Ltd and their respective shareholders has become effective today," the company said in a filing to the BSE.

The appointed date, from which the scheme will take effect, is April 1 next year, it added.

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

With this restructuring now completed, "we are confident that the new simplified group structure will further enable both Thomas Cook India and Quess to grow independently and 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," he added.

The board also took on record the amalgamation of residual Travel Corporation (India) Ltd, TC Travel Services Ltd and TC Forex Services Ltd with the company with effect from Monday, Thomas Cook India said.

Shares of Thomas Cook India Ltd closed at Rs 153.10 per scrip on the BSE, up 1.69 per cent from its previous close.