Sub: Effective Date of the Scheme of arrangement between Tata Motors Limited ("Company") and TML Business Analytics Services Limited, presently known as Tata Motors Passenger Vehicles Limited ("Transferee Company") and their respective shareholders under Sections 230 to 232 of the Companies Act, 2013 ("Scheme")
This is in furtherance of our letter dated August 27, 2021 informing about the approval and sanction of the Scheme by the Honb'le National Company Law Tribunal, Mumbai Bench vide order dated August 24, 2021.
We are pleased to inform you that all the conditions required for effectiveness of the Scheme referred to in Clause 24 of the Scheme have been fulfilled and/or waived in accordance with the Scheme.
As an integral part of the Scheme, a portion of the securities premium account has been written down by adjusting against the accumulated losses of the Company to the extent of INR 11,173.59 crore as on January 1, 2022. Further, pursuant to the effectiveness of the Scheme, the Tata Motors Limited Employees Stock Option Scheme 2018 hereby stands amended.
In accordance with the Scheme, the Transferee Company has settled the purchase consideration of INR 9,417 crore payable for the purchase of Passenger Vehicle Undertaking under the Scheme by allotment of 941,70,00,000 equity shares of INR 10 each/- in the Transferee Company to the Company, as approved at its Board Meeting held today.
Accordingly, the Scheme is effective today, with 'Effective Date' being January 1, 2022. The Appointed Date as per the Scheme is the Effective Date. Therefore, the entire Passenger Vehicle Undertaking of the Company stands transferred under the Scheme to Tata Motors Passenger Vehicles Limited with effect from January 1, 2022.
This is for the information of the members and the Exchanges.
Tata Motors Limited published this content on 01 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 January 2022 10:38:04 UTC.