NEW DELHI: Venu Srinivasan, TVS Motor Company chairman and MD, said on Thursday that the members of the TVS family have agreed to subscribe to the terms of a memorandum of family arrangement to align and synchronise the ownership of shares in various group companies.
"This arrangement shall not affect the management and functioning of the Company in any way, and we expect to continue business in ordinary course without impacting any of the stakeholders. Furthermore, the terms of the family arrangement do not envisage any royalty or brand usage payments from the operating businesses/ companies to the TVS Family members/ their holding companies," said Srinivasan in a regulatory filing.
He added that the senior members of the TVS family would deliberate to implement the family arrangement. At present, the various businesses/entities of the group have been traditionally managed by members of the different branches of the TVS family. The present shareholders of the TVS holding companies primarily consist of the third and fourth generations of founder TV Sundaram Iyengar.