Shareholders of tata motors, Multinational conglomerate company

Mumbai, March 8 Shareholders of Tata Motors have approved the hiving off of its passenger vehicles business into a separate entity.The shareholders on March 5, resolution for approving the scheme of arrangement between Tata Motors Limited (transferor company') and TML Business Analytics Services Limited (transferee company) and their respective shareholders under Section 230-232 of the Companies Act, 2013.In a regulatory filing on Monday, Tata Motors said that over 99.96 per cent of the total votes came in support of the resolution.In August last year, the board of directors of the company had approved the proposal as per which Tata Motors would transfer its "PV Undertaking" as a going concern, on a slump sale basis to TML Business Analytics Services, the transferee company for a lump sum consideration of Rs 9,417 crore.On the completion of the deal, TML Business Analytics Services Limited will be changed to 'Tata Motors Passenger Vehicles Limited'.Through this reorganisation of business, Tata Motors board believes will help providing a differentiated focus for the said passenger vehicle business and commercial vehicle business and help each of them realise their potential, and unlocking business value and enhanced management focus and operational flexibility in each of the businesses.Further, this restructuring would facilitate mutually beneficial strategic alliances for the PV undertaking in the future.Last month, Tata Motors' overall sales in the domestic and international market for February 2021 stood at 61,365 units from an off-take of 40,619 units sold during February 2020.Additionally, the passenger vehicle segment recorded a nearly 9-year high in terms of sales last month.( With inputs from IANS )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

Shareholders Of Tata MotorsFOLLOW

Shareholders of tata motors, Latest News

Business :Experience the best of Apple at Croma with #AppleYou&Croma

After the success of the first Apple You & Croma Fest, Croma, India's first omni-channel electronics retailer from the Tata Group today announced its second edition of #AppleYou&Croma to let customers experience the best of Apple products with attrac ...

International :Airtel, Tata Group tie up to deploy 5G network solutions in India

New Delhi, June 21 Bharti Airtel and the Tata Group on Monday announced a strategic partnership for implementing ... ...

Business :Airtel, Tata Group announce collaboration for Made in India 5G

Bharti Airtel and Tata Group on Monday announced a strategic partnership for implementing 5G networks solutions for India. ...

Health :Nearly 100% of eligible employees vaccinated, says Vistara

New Delhi, June 2 Tata Group and Singapore Airlines' joint venture - Vistara - has vaccinated nearly 100 ... ...

National :Ratan Tata gets first shot of COVID-19 vaccine

Tata Group's Chairman Emeritus Ratan Tata on Saturday took his first dose of COVID-19 vaccination. ...

Business :Tata Motors shareholders' give nod to hive-off PV biz into new entity

Mumbai, March 8 Shareholders of Tata Motors have approved the hiving off of its passenger vehicles business into ... ...