Shareholders of Bharti Airtel at this time authorised the merger of the cellular enterprise of Tata Teleservices (Maharashtra) with the corporate.
The “proposed scheme of association between Tata Teleservices (Maharashtra) Restricted and Bharti Airtel Restricted and their respective shareholders and collectors” was authorised with over 99 per cent votes, the corporate mentioned in a BSE submitting.
The assembly was convened by Airtel following path of the principal bench of the Nationwide Firm Legislation Tribunal, at New Delhi.
Debt-ridden loss making agency Tata Teleservices and Bahrti Airtel had introduced the merger final yr. The deal is on a no-debt, no-cash foundation, implying Airtel is just not taking on any of the about Rs 40,000 crore debt of Tata Teleservices and is neither paying any money.
The deal, topic to regulatory approvals, will see over 40 million clients of Tata Teleservices (TTSL) and Tata Teleservices Maharashtra (TTML) becoming a member of Bharti Airtel and mark additional consolidation in one of many world’s largest telecom markets.
That is printed unedited from the PTI feed.