Welcome to Thanjavur Spinning Mill Limited

Thanjavur Spinning Mill Limited (TSML) formerly known as Thanjavur Textiles Limited is right now a part of Ramco Group of Companies, having a turnover of Rs.6,000/- Crores engaged in Cement, Textiles, Software and Fibre Cement Roofing sheets and accessories.

The Company has completed the sale of all the assets and the Company has reduced the Share Capital as per the Scheme of Arrangement approved by NCLT.

SCHEME OF ARRANGEMENT

The Board of Directors have approved a Scheme of arrangement between the Company and its Shareholders and creditors at their meeting held on 28-05-2019. The Company has proposed to reduce the entire preference share capital of Rs.27 Crores and Equity Share Capital of the Company by utilizing the excess fund available with the Company subject to approval of the National Company Law Tribunal (NCLT).

The Company has filed an application before the National Company Law Tribunal, Chennai Bench, proposing a Scheme of Arrangement between Thanjavur Spinning Mill Limited and its Creditors, Equity Shareholders, Cumulative Redeemable Preference Shareholders, Cumulative Redeemable Optionally Convertible Preference Shareholders (For redemption of Preference Shares without creating Capital Redemption Reserve Account).

National Company Law Tribunal, Chennai Bench by its orders dated 31-01-2020 and 14-02-2020 has given its approval and directions for convening the meeting of Equity Shareholders, Cumulative Redeemable Preference Shareholders, Cumulative Redeemable Optionally Convertible Preference Shareholders and Unsecured Creditors on Tuesday, the 31st March, 2020 at the Registered Office of the Company at Rajapalayam Mills Premises, P.A.C.Ramasamy Raja Salai, Rajapalayam – 626 117.

The above Meeting directed by NCLT, Chennai could not be convened due to global Covid-19 pandemic and lock-down imposed by Central and State Government.

We have moved another application for fixing change of date of the meeting. National Company Law Tribunal, Chennai Bench by its order dated 15-12-2021 has given its approval and directions for convening the meeting of Equity Shareholders, Cumulative Redeemable Preference Shareholders, Cumulative Redeemable Optionally Convertible Preference Shareholders and Unsecured Creditors on Tuesday, the 1st March, 2022 through Video Conferencing facility of Central Depository Services India Limited (CDSL).

The NCLT convened meeting was held on 01-03-2022 through video conferencing and the Chairman of the meeting has submitted his report of the meeting to NCLT on 07-03-2022.

On 14-03-2022, the Company has filed the application to the NCLT to the effect that the Company has convened the above said meetings and as per the report of Scrutinizer and Chairman of the meeting appointed by the NCLT, all the Resolutions presented at the meeting were passed unanimously. The NCLT fixed the hearing on 22-06-2022 and adjourned the matter to 13-07-2022. On 21-07-2022, the NCLT has given its approval for reduction of Share Capital of the Company. Accordingly, on 29-08-2022 the Company has made payment to Equity shareholders who have opted to exit the Company by receiving cash consideration of Rs.10/- each and Preference Shareholders for redemption of shares and extinguished the shares by coordinating with RTA.

Founders

REGISTERED OFFICE:
"Rajapalayam Mills Premises",
P.A.C. Ramasamy Raja Salai,
RAJAPALAYAM – 626117.
Phone: 04563-235666.
E-mail: tsml@ramcotex.com