India’s leading integrated travel and travel related financial Services Company has received approval of the High Court of Bombay for its merger with Sterling Holiday Resorts (India) Limited, vide order dated July 2, 2015. The shareholder approval had earlier been obtained by way of a postal ballot and a court convened meeting. Thomas Cook (India) Ltd will initiate the process for issue of shares to shareholders of Sterling Holiday Resorts (India) Limited.
The High Court of Bombay has sanctioned the composite scheme of arrangement and amalgamation between Sterling Holiday Resorts (India) Limited, Thomas Cook Insurance Services (India) Limited and Thomas Cook (India) Limited and their respective shareholders and creditors under the court process.
Speaking on the announcement, Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Ltd 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 March 31, 2015. With a clear roadmap, Sterling has taken strong, confident strides this year with upgrades of 6 existing resorts and opening of 4 new resorts (at Corbett, Daman, Shirdi and Dindi), to bring its network to a total of 24 resorts across India.”
He concluded by stating, “As the now diversified Thomas Cook (India) Group, we are confident of robust performances that broaden our business services platform to increase shareholder value.”