Thomas Cook India 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.
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 and the consolidation of the human resource services business into Quess Corp., is aimed at simplifying and clarifying structure and holdings, streamlining businesses and resources, ensuring focused management and 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 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. While Thomas Cook India becomes a travel focused company, Quess will continue to chart its own growth trajectory in the space of Human Capital and 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.”