General Announcement::Subsidiarization of Companys Passenger Vehicles business by way of a slump sale

Issuer & Securities

Issuer/ Manager
TATA MOTORS LIMITED
Securities
TATA MOTORUS$500M4.625%N200430 - XS1121907676 - 19RB
TATA MOTORUS$250M5.75%N241030 - XS1121908211 - 19SB
TATA MOTORUS$300M5.875%N250520 - XS2079668609 - FGLB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
03-Aug-2020 21:45:35
Status
New
Announcement Sub Title
Subsidiarization of Companys Passenger Vehicles business by way of a slump sale
Announcement Reference
SG200803OTHRMIWN
Submitted By (Co./ Ind. Name)
Hoshang Sethna
Designation
Company Secretary
Effective Date and Time of the event
03/08/2020 17:00:00
Description (Please provide a detailed description of the event in the box below)
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR) and further to our letter dated March 27, 2020 vide Sc No. 15971, please be informed that pursuant to the provisions of Sections 230 to 232 and other relevant provisions of Companies Act, 2013 and the rules made thereunder, the Board of Directors has, at its meeting held today, approved (subject to the requisite regulatory and other approvals) a Scheme of Arrangement between Tata Motors Limited (the Company or Transferor Company) and TML Business Analytics Services Limited (TBASL or Transferee Company) and their respective shareholders (Schesme), inter alia for:

(a) Transfer of the PV Undertaking of the Company as a going concern, on a slump sale basis as defined under Section 2(42C) of the Income-tax Act, 1961, to the Transferee Company; and

(b) Reduction of Company s share capital without extinguishing or reducing its liability on any of its shares by writing down a portion of its securities premium account amounting to 11,173.59 crores, with a corresponding adjustment to the accumulated losses of the Company.

Upon the Scheme becoming effective, with effect from the Appointed Date, the name of the Transferee Company shall be changed to Tata Motors Passenger Vehicles Limited .

The details as required under Regulation 30 of the SEBI LODR read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015 for the proposed Scheme are annexed as Annexure A.

This is for the information of the exchange and the members.

Attachments

NSEBSELETTERSUBSIDARISATION31072020.pdf
Total size =245K