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Idea files merger proposal with NCLT

Anjana Das, New Delhi
08/08/2017   0 Comments

Idea Cellular has filed its merger proposal with Vodafone for approval with National Company Law Tribunal, Ahmedabad Bench.
 
Following the receipt of approvals from Competition Commission of India on 24 July 2017 and the Stock Exchanges/SEBI on 04 August 2017 and in accordance with the terms thereof, Idea Cellular Ltd. (the Company) has yesterday filed an application before the National Company Law Tribunal, Ahmedabad Bench, for approval of the merger of Vodafone India Ltd. and Vodafone Mobile Services Ltd. with the Company”, the Birla company said in a statement.
 
Yesterday , SEBI and exchanges gave given a conditional go-ahead to the $23 billion merger deal between Idea Cellular Ltd and Vodafone India Ltd, subject to the outcome of an ongoing probe by the regulator on the allegation of  purchase by  Idea of its own shares just prior to the merger announcement and approvals from public shareholders and the National Company Law Tribunal (NCLT). 

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