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Telecom major Bharti Airtel has said the schemes of arrangement for merger between the company and Tata Teleservices (TTSL) have become effective from Monday. Hence, all the assets of TTSL are now part of the Delhi-based telecom services provider.
The announcement comes following the Telecom Disputes Settlement and Appellate Tribunal’s (TDSAT) order directing the Department of Telecom (DoT) to take the merger on record and approval of the schemes of arrangement by the National Company Law Tribunal (NCLT), Delhi and NCLT, Mumbai.
“We are pleased to announce that the schemes of arrangement have become effective today (July 1). Consequently, all customers, assets, spectrum and agreed liabilities of the consumer mobile businesses of TTSL and TTML now stand merged with Airtel,” Airtel said in a statement.
The TDSAT on May 2 had granted partial stay on a Rs 8,300-crore demand raised by DoT from Bharti Airtel for approving its merger with the consumer business of TTSL.
Airtel had submitted a bank guarantee of around Rs 644 crore to TDSAT to complete the merger of TTSL’s consumer business with the company, as was directed by the tribunal.
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