Thomas Cook (India) has secured in-principle approval from its Board to convert an inter-company loan provided to its subsidiary, Thomas Cook Lanka (Private) Limited, into Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS). Furthermore, the Board approved the appointments of two key executives, Mr. Deepesh Varma and Ms. Deepti Sheth, designating both as Senior Management Personnel (SMP) effective April 1, 2026.
Key Board Decisions Unveiled
Following its Board meeting held on March 20, 2026, Thomas Cook (India) Limited announced several key outcomes concerning corporate restructuring and leadership appointments, pursuant to applicable corporate regulations. The decisions aim to optimize capital structure within the subsidiary and strengthen the management team.
Subsidiary Loan Restructuring
The Board granted in-principle approval for the conversion of an inter-company loan extended to Thomas Cook Lanka (Private) Limited, a Non-Material Wholly Owned Subsidiary. This loan will be converted into Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS). Powers have been delegated to the Sub-Committee to finalize the conversion in one or more tranches.
Executive Appointments to SMP
Two significant leadership changes were approved, both effective from April 1, 2026, with both appointees designated as Senior Management Personnel (SMP):
1. Mr. Deepesh Varma
- New Role: Chief Business Officer – Foreign Exchange.
- Experience Snapshot: Mr. Varma has been with the organization for over 13 years, joining in March 2013. He possesses over 26 years of experience post-qualification, including roles in strategic Business Consulting prior to joining Thomas Cook. He holds a Hotel Management Graduate degree and completed a Senior Management Programme from IIM Calcutta in 2010.
2. Ms. Deepti Sheth
- New Role: President and Group Head – Human Resources.
- Experience Snapshot: Ms. Sheth has been part of the organization for over 11 years. She holds a Post Graduate degree in Human Resources (2006) and a Bachelor’s degree in Commerce (2004). Prior to her current appointment, she held strategic HR roles across various firms and joined Thomas Cook (India) Limited on November 3, 2014, eventually moving to SOTC Travel Limited in April 2019.
The profiles detailing the brief background and experience for both Mr. Varma and Ms. Sheth are enclosed as separate annexures to the official disclosure.
Source: BSE
