On November 25, travel services company Thomas Cook India said that it has completed the corporate restructuring procedure after getting approvals from NCLT Bengaluru and Mumbai.
The Composite Scheme of Arrangement and Amalgamation will be effective starting 1 April 2020, said the company in one filing to BSE.
After getting approval of NCLT Bengaluru and Mumbai on 7 November and 10 October respectively, the board announced completion of demerger of HRSB (Human Resource Services Business) of Thomas Cook India into Quess Corporation, said the Managing Director and Chairman of Thomas Cook India, Madhavan Menon.
Now, with the restructuring completed, the company is hoping that the new group structure would help both Quess and Thomas Cook India to expand independently, he further said. Moreover, the corporate restructuring would also help the two companies consolidate their respective positions in the market, with much greater clarity in terms of growth for the management, teams and investors, he added.
The board further considered the amalgamation of the residual TC Travel Services Ltd., TC Forex Services Ltd. and Travel Corporation India Ltd. along with Thomas Cook India effective from Monday, said the company.
Notably, Thomas Cook India’s stock price closed at Rs. 153.10/strip on BSE, high by 1.69% from its earlier close.