The Delhi-bench of National Company Law Tribunal (NCLT) has approved the merger of financially-stressed Tata Teleservices with Bharti Airtel.
With the approval the merger gets a final shape over one year after it was announced by the respective companies in October 2017.
“The NCLT has sanctioned the Composite Scheme of Arrangement between Tata Teleservices Limited, Bharti Airtel, and Bharti Hexacom and their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013,” Bharti Airtel said in a regulatory filing at the BSE. Bharti Hexacom is a subsidiary of the telecom major,” Bharti Airtel said.
The tribunal’s order said: “In view of the foregoing, upon considering the approval accorded by the members and creditors of the Petitioner Companies to the proposed Scheme, and the affidavits filed by the Regional Director, Northern Region, Ministry of Corporate Affairs, Income Tax Department and the Department of Telecommunication, there appears to be no impediment in sanctioning the present Scheme.”
Share price of Bharti Airtel on the BSE closed at Rs 310.45 on Monday, lower by Rs 0.50 or 0.16 per cent fromm the previous close.