Even as SEBI officials were announcing takeover regulation changes on Tuesday, Bharti group chairman Sunil Mittal met Prime Minister Manmohan Singh to discuss the proposed deal with MTN.
Political concerns weighs heavy on the deadline. The exclusivity of negotiations of the deal will expire on September 30. Industry sources said that the immediate impact of the new takeover code would be that the companies would have to extend the deadline.
Visiting officials from South Africa are expected to meet the officials of finance ministry, RBI and SEBI on September 24, said sources. The deal is under a cloud because it requires Indian regulations to ensure a carefully stitched-up mergers that protect South Africa’s nationalist interests.
“We can confirm that the structure, under discussion with MTN, will be fully compliant with the laws in both countries. All relevant approvals, including exemption from open offer from SEBI (if required), would be sought at the appropriate time,” said a Bharti spokesperson in a terse statement.