In an interview to CNBC-TV18, Madhavan Menon the MD of Thomas Cook India said the company going to concentrate on organic growth for the next 2 years. Also,cleaning up operations is an immediate focus.
Also read: Thomas Cook India to raise Rs 200 cr via NCD route
Moreover, Madhavan said, another priority is to meet the Sebi guideline. It is the guideline of minimum 25% public shareholding norm, even though the company has managed to get the market regulators nod for extending the deadline from June 2013 to Aug 2013,
Below is the edited transcript of his interview to CNBC-TV18
Q What is your primary focus?
A: First of all I think right at the moment we are just complying with Securities Exchange Board of India (SEBI) regulations. This requires coming down from the 87 percent that we are at, to 75 percent. I think that's a primary focus.
We are in discussion with SEBI over various options. It will take us a couple of weeks to figure that out. We have put a variety of options in front of SEBI. I think we will look at compliance with the law as a priority.
Both from the Fairfax Industry Financial Holdings as well as Thomas Cook India Limited our primary focus is compliance with the law. Whatever the rules are we will comply with that. It is only after that we will talk about what we need to do.
Q: How will you bring it down from 87 to 75 percent?
A: I think it is difficult to discuss that at the moment.
Q: So you are not happy with any of the options that SEBI has already said yes to?
A: As we talk, we are looking at all the options.
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