The Board of Directors of Thomas Cook (India) Limited has approved the principal conversion of an inter-company loan to its subsidiary, Thomas Cook Lanka (Private) Limited, into Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS). Furthermore, the Board announced the appointment of two key personnel, Mr. Deepesh Varma and Ms. Deepti Sheth, as Senior Management Personnel (SMPs) effective April 1, 2026. Profiles for both appointees are enclosed.
Key Board Decisions on Restructuring and Personnel
At the Board Meeting held on March 20, 2026, Thomas Cook (India) Limited announced several significant resolutions, primarily concerning financial restructuring within its group entities and key managerial appointments.
Conversion of Inter-Company Loan
The Board granted in-principal approval for the conversion of the inter-company loan provided by Thomas Cook (India) Limited to its Non-Material Wholly Owned Subsidiary, Thomas Cook Lanka (Private) Limited. This debt instrument will be converted into Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS). The Board has delegated authority to a Sub-Committee to execute this conversion across one or more tranches at the appropriate stage.
Senior Management Appointments Effective April 1, 2026
The Board approved the designation of two senior executives as Senior Management Personnel (SMP) of the Company, effective April 1, 2026:
- Mr. Deepesh Varma: Appointed as the Chief Business Officer – Foreign Exchange. Mr. Varma has been with the organization for over 13 years and is a Hotel Management Graduate with additional management training from IIM Calcutta (2010). His prior experience spans over 26 years in strategic business consulting roles, including tenure at British Telecom and WNS.
- Ms. Deepti Sheth: Appointed as the President and Group Head – Human Resources. Ms. Sheth possesses over 20 years of HR experience and has been associated with the organization for over 11 years. She holds a Post Graduate degree in Human Resources (2006) and previously managed HR functions at Edelweiss Financial Services and ASK Investment Holdings.
Brief profiles and details for both Mr. Varma and Ms. Sheth, as required under the relevant regulations, are provided in the enclosed Annexure A and Annexure B, respectively. The Board Meeting commenced at 3:45 P.M. (IST) and concluded at 6:00 P.M. (IST) on the date of the announcement.
Source: BSE
