Thomas Cook (India) Ltd. Announces Composite Scheme of Arrangement Including Demerger, Consolidation of Share Capital, and Merger

Thomas Cook (India) Ltd. has announced a Composite Scheme of Arrangement involving a demerger, consolidation of share capital, and merger. The demerger will see the Demerged Undertaking, which consists of the resorts and resort management business, transferred to Sterling Holiday Resorts Limited. The Consolidation of Share Capital will involve the consolidation of four equity shares of TCIL into one equity share of face value INR 4. The Merger will see the absorption of TCVSL, JTSL, and BTSL into TCIL, followed by their dissolution. The Reduction of Share Capital will reduce the face value of paid-up equity shares of TCIL from INR 4/- to INR 3/- per equity share. The Scheme is subject to the receipt of requisite approvals from shareholders, creditors, the National Company Law Tribunal, SEBI, BSE, NSE, and other regulatory authorities.