TAFSIL shares have a face value of Rs 100 while face value of TFCI shares is Rs 10. ``The merger of TFCI and TAFSIL will help us in streamlining the finance and advisory activities in the tourism sector,'' he said.

"We have informed the Delhi High Court about the share swap ratio as required UN are now waiting for the court to call for a creditors and shareholders meeting," Narayanan said.

Shareholders of the two companies will have to approve the share swap ratio following which the process of winding up of Tafsil will start, Tafsil chief consultant P Gupta said.

The stock exchanges have been notified about the decision, he said adding that Tafsil expected its shareholders to pass the proposal without any reservations.