In a statement, the company revealed, “The CCI, through its letter dated October 17, 2023, has communicated that it has considered and approved the combination under the Green Channel Route. This approval comes in accordance with Section 6(2) of the Competition Act, 2002, read with Regulations 5 and SA of the Competition Commission of India (Procedure in regard to the transactions of business relating to combinations) Regulations, 2011.”
It is important to note that while CCI has given its green light, the merger plan is still contingent on several statutory and regulatory approvals. These include clearances from the Stock Exchanges, Securities and Exchange Board of India, Reserve Bank of India, National Company Law Tribunal, and other relevant statutory and regulatory authorities. Additionally, the plan also necessitates approval from the respective shareholders and creditors, as per applicable laws.
This development marks a crucial step in the merger process, and the companies involved will now move forward in securing the required clearances and fulfilling all the necessary legal formalities.