From Telegeography’s CommsUpdate: India’s Department of Telecommunications (DoT) has approved the merger of Tata Teleservices Limited’s (TTSL’s) consumer mobile division with Bharti Airtel, the Economic Times reports.
The DoT had sought to halt the deal over demands for bank guarantees for one-time spectrum charges (OTSC) but the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) ruled in favour of the cellcos, which went on to complete the merger in mid-2019.
The DoT nevertheless took the matter to the Supreme Court, asking for a stay on the TDSAT decision. In its recent ruling, however, the apex court backed the TDSAT’s ruling and ordered the DoT to issue the belated approval.
Shares of Tata Teleservices jumped a whopping 17% after the announcement.