Sundram Fasteners and Wheels India: Sundram Fasteners and Wheels India, two companies of TVS Group, have taken steps to facilitate independent travel by the group’s four families. However, they are not a party to a non-compete agreement between family members.
The members of the TVS family had agreed among themselves to give their consent regarding the non-compete agreement. The agreement was signed between members of the TVS family, who are shareholders in TVS Sundaram Iyengar & Sons (TVSS), Sundaram Industries and Southern Roadways, collectively known as TVS Holding Companies.
Sundaram Fasteners manufactures auto components
In continuation of this decision, the Board of Directors of Sundaram Fashioners has decided to abide by the Non Competition Agreement. Sundaram Fashioners manufactures components for the automotive sector. TVS Holding Companies holds 49.3 per cent stake in the equity shares of the company.
“Even though the company was not a party to the non-competition agreement, it is accepting the non-competition agreement by invoking the DoA (Compliance Document),” Sundram Fasteners said in a filing to the BSE dated January 27, 2022.
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Wheels India to transfer some stake to Thrissur Sundaram
TVS Group company Wheels India has informed the stock exchange that it will transfer a part of its equity to Thrissur Sundaram Santhanam & Family. Wheels India manufactures steel wheels for cars and commercial vehicles.
As part of the family arrangement, TVSS’s 29.69 per cent stake in Wheels India has been transferred to Thrissur Sundaram Santhanam & Family, Wheels India MD Shreevatsa Ram said in an exchange filing dated February 4, 2022. The company said, Wheels India was also not a party to the non-competition agreement.
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The agreement was signed in December, 2020 with TVS Group
Members of the Chennai-based TVS Group had in December 2020 agreed to dismantle the holding company structure and give full ownership of the companies under its management to each family. The Competition Commission of India had approved this arrangement last year.
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