The Securities and Exchange Board of India (SEBI), vide its order dated February 11, 2021 has allowed the withdrawal of Thomas Cook India’s Buy-back Offer application filed vide the Draft Letter of Offer dated March 5, 2020. The application for withdrawal dated September 28, 2020, filed by Thomas Cook India (TCIL) has accordingly been disposed of under the relevant regulations of the SEBI (Buy–back of Securities) Regulations, 2018.
The Board of Directors of TCIL had approved the Buy–back Offer in a meeting held on February 26, 2020 and filed the Draft Letter of Offer with SEBI vide a letter dated March 6, 2020. Subsequently, vide a letter dated September 28, 2020, TCIL had filed the Application seeking withdrawal of the Buy–back Offer.
The SEBI Order noted that the continuation of the Buy–back Offer will result in an adverse effect on the business of the Company and in turn, its shareholders. Accordingly, SEBI exercised its powers to allow the withdrawal of the Buy-back.
The Company will proceed to complete the regulatory formalities in this regard.