Scions of the TVS family on Thursday agreed to subscribe to the terms of a memorandum of family arrangement with the aim of ensuring that “the ownership of shares in various companies/ businesses should align and synchronise with the management of the respective” group companies, the family’s members said in separate filings to the stock exchanges.
Group companies including Sundram Fasteners Ltd., TVS Motor Company Ltd., Sundaram Clayton Ltd., TVS Srichakra Ltd. and TVS Electronics Ltd. announced the decision by the TVS family members to enter into the family arrangement.
The listed firms added that the arrangement would not affect the management and functioning of the group companies, in any way.
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