New Delhi, July 3 : The Supreme Court on Tuesday said it would hear a plea filed by the Union of India (UOI) against Telecom Disputes Settlement and Appellate Tribunal’s stay on July 8 on demand of Rs 9000 Crore for approving Bharti Airtel’s acquisition of Tata Teleservices.
Telecom major Bharti Airtel has said that the scheme of arrangement for the merger between the company and Tata Teleservices (TTSL) has become effective from Monday. Hence, all of TTSL’s assets — including its customers — come under the Delhi-based telecom services provider.The announcement follows 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 -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 Rs8,300-crore demand raised by the DoT from Airtel for approving its merger with the consumer business of TTSL. As per sources, Airtel had submitted a bank guarantee of around Rs644 crore to TDSAT to complete the merger of TTSL’s consumer business with the company, as directed by the tribunal.