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Zee Learn-THEAL merger share swap ratio revised, approved
MUMBAI: A revised scheme of amalgamation of Zee Learn Limited (ZLL) with Tree House Education & Accessories (THEAL) has been approved by the Boards of Directors of both the companies.
The revised share swap ratio of 1:1 for the merger of THEAL with ZLL was agreed upon by shareholders at a meeting on 16 August 2016. Earlier, the plan was to issue 5:3 shares of Zee Learn for each share of Tree House.
Both ZLL and THEAL are primarily engaged into business of pre-school activities.
The Board of Directors of ZLL at its meeting held on 23 December 2015 had approved a merger of THEAL with ZLL subject to requisite statutory and regulatory approvals.
As a part of evaluation of financial results of THEAL for the quarter ended 31 March , 2016 and for the financial year ended 31 March, 2016, ZLL decided to keep on hold the plan and the matter was referred to the Merger Evaluation Committee (MEC).
“MEC was authorised to look into and suggest the way forward to re-work the deal of merger to ensure consolidation of business in the best interest of the shareholders,” said ZLL in an official statement to the Bombay Stock Exchange.
The statement went on to add that the Board unanimously approved a revised scheme (including appointed date and share exchange ratio) for the merger of THEAL with ZLL. The scheme will be implemented subject to approval of shareholders and creditors of the company and applicable regulatory authorities.
In another statement, THEAL informed its shareholders, “Your company is trying to overcome the challenges faced in recent quarters by bringing in several cost control measure along with closing down of its non profitable centres. We believe that your company will be benefited with the merger, as the synergies arising out of amalgamation will play an important role in strengthening the company’s business and improving its operational efficiency and future outlook.”
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Tata Sons board set to approve Chandrasekaran’s third term as chairman: Reports
Chandrasekaran tipped for third term as Tata Group seeks steady hand at the helm
MUMBAI: The Tata Sons board is gearing up for a landmark meeting on February 24, with the spotlight on the re-appointment of N. Chandrasekaran as chairman. According to media reports, the board will consider several proposals, but the star item is Chandrasekaran’s potential third term, signalling continuity at the top of India’s most storied business group.
Chandrasekaran, popularly known as Chandra, has been at the helm of Tata Sons since January 2017. His current tenure concludes in February 2027, and the proposal on the table is for a five-year extension. The proposal comes from Noel Tata, chairman of Tata Trusts, and Venu Srinivasan, vice chairman of Tata Trusts, with board approval required to make it official.
Chandra’s journey with the Tata Group is a remarkable rise through the ranks. He started as an intern at Tata Consultancy Services, rose to chief operating officer in 2007, and became CEO in 2009 at the age of 46. He joined the Tata Sons board in 2016 and has been steering the group’s flagship companies ever since, holding chairmanships at Tata Steel, Tata Motors, Tata Power, Air India, Indian Hotels Company, and TCS itself.
A close aide of the late Ratan Tata, Chandrasekaran is widely seen as a steady hand capable of guiding the conglomerate through change while maintaining its long-standing ethos. Extending his term would reflect the Tata Trusts’ confidence in his strategic vision and the desire for stability at the group’s top echelons.
The board meeting on February 24 is expected to formalise the decision, marking another chapter in the Tata Group’s enduring story of leadership continuity and business ambition.
