We refer to our earlier disclosure dated Dec 10, 2020 regarding a memorandum of family arrangement dated Dec 10, 2020 ('MFA') executed between various members of the TVS family. In this regard, please find enclosed a letter dated Jan 27, 2021 received from Mr Arvind Balaji. The letter states that the senior nominated members of the TVS family have on Jan 27, 2021 decided to implement the family arrangement, inter alia, through a composite scheme of amalgamation and arrangement to be filed with the Honorable National Company Law Tribunal, Chennai Bench involving, inter alia, T V Sundram Iyengar & Sons Private Limited, Sundaram Industries Private Limited, Southern Roadways Private Limited and SB Industrial Ventures Private Limited. Neither India Nippon Electricals Limited ('Company') nor Lucas Indian Service Limited, nor Lucas TVS Limited are a party to the MFA nor are they directly involved in the family arrangement or the composite scheme.
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