The Supreme Court on Wednesday agreed to hear on July 8 a plea filed by the Union of India (UOI) against Telecom Disputes Settlement and Appellate Tribunal’s (TDSAT) stay on demand of Rs 9000 crore for approving Bharti Airtel’s acquisition of Tata Teleservices (TTSL). Additional Solicitor General (ASG) Vikramjit Banerjeementioned the matter before the Chief Justice of India (CJI) Ranjan Gogoi Bench in the apex court.
Responding to Banerjee’s request, the court said it would hear the plea next Monday. According to Bharti Airtel, the scheme of arrangement for its merger with the consumer business of TTSL has become effective from Monday. Hence, all of TTSL’s assets fall under the Delhi-based telecom services provider.
The announcement came after the TDSAT’s 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 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,” an Airtel statement read. On May 2, the TDSAT had granted a partial stay on demand of Rs 8,300 crore raised by the DoT from Airtel for approving its merger with TTSL.―Devdiscourse