MICE Provider Denies Relationship to Insolvent Thomas Cook

Thomas Cook India, a provider of MICE and corporate travel services, has released a statement denying any relationship to Thomas Cook Group Plc, which filed for insolvency on Monday. Thomas Cook India alleged that a “rumor purposefully confusing” the two companies has been spreading via a social messaging platform. 

“This rumor appears to have been created and spread deliberately with an intent to cause irreparable damage to the Thomas Cook India Group,” the company said in a statement shared with Meeting Spotlight.

Thomas Cook India Group said that it has been a completely different entity from Thomas Cook Group plc, as well as an independent company, since August 2012 when a 77 percent stake in Thomas Cook India was acquired by Fairfax Financial Holdings, a Canada-based multinational corporation. Thomas Cook India said that, following the transfer of its entire stake in the company to Fairfax, Thomas Cook Group plc ceased to be its promoter. Since then, Thomas Cook Group Plc has had no stake in Thomas Cook India, the company said. 

Thomas Cook India also said that it is financially strong, with a cash and bank deposit balance at Rs. 10588 Mn. as of March 31. On a standalone basis Thomas Cook India is debt free upon pre-payment of Rs. 670 Mn debenture obligations ahead of schedule. Additionally, for the financial year that ended March 31, on a comparable basis, the group’s consolidated revenue from operations increased by 18 percent. 

Thomas Cook India is a transnational travel services company offering foreign exchange, corporate travel, MICE travel, leisure travel, insurance, visa and passport services and e-business. It has been an ICCA member since 2013. 

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