Thomas Cook (India) Limited (NSE: THOMASCOOK) informed exchanges that the NCLT Mumbai Bench-I passed an order on November 4, 2026, admitting its application for a Composite Scheme of Arrangement involving the company and four subsidiaries.
- The scheme provides for the demerger of the Resort Business into subsidiary Sterling Holiday Resorts Limited, followed by its listing.
- For every 100 equity shares of INR 1/- each held in Thomas Cook (India), shareholders will receive 81 equity shares of Sterling Holiday Resorts of face value INR 10/- each.
- Four equity shares of Thomas Cook (India) of face value INR 1/- each will be consolidated into one equity share of face value INR 4/-, followed by a capital reduction to INR 3/- per share.
- Dormant wholly owned subsidiaries TC Visa Services (India), Jardin Travel Solutions, and Borderless Travel Services will be amalgamated into Thomas Cook (India).
- The restructuring remains subject to shareholder approval, final NCLT sanction, and other regulatory approvals.
The NCLT admission order marks key procedural clearance towards unlocking value via the demerger and separate listing of Sterling Holiday Resorts Limited. However, the commercial and financial terms are not new to the street, and TCIL has already surged +5. 70% intraday leading up to the release.
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