Sebi and exchanges have given a conditional go-ahead to the USD 23 billion merger deal between Idea Cellular and Vodafone India, which would be subject to the outcome of an ongoing probe by the regulator and approvals from public shareholders and NCLT. The "no-objection" as per Sebi's regulations will enable the companies to file the draft scheme with the National Company Law Tribunal. Idea has also submitted a voluntary undertaking stating that it will comply with the directions of Sebi in respect of the ongoing examination. Thus, the said exemption is applicable only if NCLT approves the draft scheme," Sebi said. "All the above facts shall be brought to the notice of NCLT," Sebi said.

Source: dna August 07, 2017 15:11 UTC