Chennai, Dec 11: The TVS Group today announced that its family members would continue to manage various companies and businesses of the Group in line with the arrangement agreed upon by them.
A company release here today said members of the TVS Family have agreed to subscribe to the terms of a memorandum of family arrangement in order to record the terms of a family arrangement to align and synchronize the ownership of shares in various companies/businesses belonging to the TVS Group with the management of the respective companies/ business.
”Pursuant to the family arrangement, the existing management of the various listed and unlisted companies-businesses in the TVS Group will continue to be managed by the same family members”,it said.
The nominated members of the TVS family will deliberate on the steps to be taken to further implement this arrangement.
The TVS Group essentially consists of businesses started by the original founder T V Sundram Iyengar and his lineal descendants constituting the TVS Family, which has been engaged, for more than a century, in a diverse range of businesses through various entities in which the branches of the TVS Family have invested in or through T V Sundram Iyengar and Sons Private Limited, Sundaram Industries Private Limited and Southern Roadways Private Limited (hereinafter collectively referred to as the “TVS Holding Companies”).
Over the decades, the TVS Family has expanded their businesses and the TVS Group has grown into a large business conglomerate with interests in several businesses operating in diversified fields.
The present shareholders of the TVS Holding Companies primarily consist of the third and fourth generations of the original founder T V Sundram Iyengar.
The various businesses/ entities of the TVS Group have been traditionally managed by members of the different branches of the TVS Family.
With the passage of time, the members of the TVS Family felt that the ownership of shares in various companies/ businesses should align and synchronise with the management of the respective companies and therefore, the memorandum of family arrangement has been entered into.
The TVS Group has always been known for the decades of trust it has built with its stakeholders and it is expected that this family arrangement will further enable the existing management of the respective companies/businesses to continue to engage with its stakeholders even more effectively, the release said.
(UNI)
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