TCIL RECEIVES BOMBAY HC APPROVAL FOR MERGER WITH STERLING HOLIDAYS

Thomas Cook (India) (TCIL) has received approval of the High Court of Bombay for its merger with Sterling Holiday Resorts (India), vide  order dated 2 July 2015.  The shareholder approval had earlier been obtained by way of a postal ballot and a court convened meeting.
 
The High Court of Bombay has sanctioned the composite scheme of arrangement and amalgamation between Sterling Holiday Resorts (India), Thomas Cook Insurance Services (India) and TCIL and their respective shareholders and creditors under the court process. Once the High Court Order is filed and approved by the relevant authorities, TCIL will initiate the process for issue of shares to shareholders of Sterling Holiday Resorts (India).
 
Speaking on the announcement, Madhavan Menon, Managing Director, TCIL said, “The Company’s strategic investment in Sterling Holiday Resorts is delivering well for us, Sterling Resorts having turned profitable, declaring its first profit in 18 years- of Rs. 5 mn for the FY ended 31 March 2015. With a clear roadmap, Sterling has taken strong, confident strides this year with upgrades of six existing resorts and opening of four new resorts (at Corbett, Daman, Shirdi and Dindi), to bring its network to a total of 24 resorts across India. As the now diversified Thomas Cook (India) Group, we are confident of robust performances that broaden our business services platform to increase shareholder value.”