"Dependence Communications Ltd has gotten an endorsement of CCI for the proposed Scheme of Arrangement for demerger of the remote division of the organization into Aircel Limited and Dishnet Wireless Limited (the Scheme)," the announcement said.
The organization has effectively gotten endorsement from the Securities and Exchange Board of India (SEBI), BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) for the proposed Scheme of Arrangement and recorded an application with the National Company Law Tribunal (NCLT), Mumbai Bench, for endorsement of the said plot.
The proposed exchange is liable to other essential endorsements. Post shutting, Reliance Communications and the present shareholders of Aircel will hold 50 for each penny each in Aircel.
