In March, Vodafone India and Idea Cellular announced the merger of their operations to create the country’s largest mobile phone operator. The “no-objection”, as per Sebi’s regulations, will enable the companies to file the draft scheme with the NCLT. “The acquisition pursuant to draft scheme of arrangement is exempt from the obligation to make an open offer... 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: Mint August 07, 2017 15:22 UTC