Scheme of Arrangement between Bharti Airtel and Telesonic gets NCLT approval

Bharti Airtel announced that the Hon’ble National Company Law Tribunal, New Delhi, Principal Bench, vide its order dated 02 July 2019 (‘Order’), has sanctioned the Scheme of Arrangement between Bharti Airtel (‘Transferor Company’ or ‘Airtel’) and Telesonic Networks (‘Transferee Company’ or ‘Telesonic’) and their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013, for the transfer of the Optical Fibre Cable business undertaking of Airtel and vesting of the same with Telesonic, on a going concern basis by way of a Slump Sale in accordance with section 2(42C) of the Income-tax Act, 1961.