NCLT approves merger of Tata Teleservices with Bharti Airtel

Telecom operator Bharti Airtel has said the National Company Law Tribunal (NCLT) has approved its merger with loss-making telecom firm Tata Teleservices. As part of the agreement, the Sunil Mittal-led company will absorb Tata consumer mobile business operations in 19 telecom circles. It will also assume a small portion of the unpaid spectrum liability of Tata towards the telecom department.

Tidbits:

  • The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues relating to Indian companies.
  • The NCLT was established under the Companies Act 2013 and was constituted on 1 June 2016 by the government of India & is based on the recommendation of the justice Eradi committee on law relating to insolvency and winding up of companies.
  • The National Company Law Tribunal is the Adjudicating Authority for Insolvency resolution process of Companies and Limited Liability Partnerships under the Insolvency and Bankruptcy Code, 2016.
  • Bharti Airtel Limited is an Indian global telecommunications services company based in New Delhi, India. It operates in 20 countries across South Asia and Africa. Airtel provides GSM, 3G, 4G LTE mobile services, fixed line broadband and voice services depending upon the country of operation.
  • Sunil Bharti Mittal (born 23 October 1957) is an Indian billionaire entrepreneur, philanthropist and the founder and chair of Bharti Enterprises.
  • He is listed as the 8th Richest person in India by Forbes with a Net worth of $8.3 Billion.

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