Section 99. Licensee not to do certain things.

(1) No licensee shall, without prior approval of licensing authority :–– (a) undertake any transaction to acquire by purchase or takeover or otherwise, the utility of any other licensee or ; (b) merge his utility with the utility of any other licensee. (2) No licensee shall at any time assign his licence or transfer his utility, or any part thereof, by sale, lease, exchange or otherwise without the prior approval of the licensing authority. (3) Before permitting any licensee to undertake any transaction or merge his utility under sub-section (1), or assigning his licence or transferring his utility under sub-section (2), the licensing authority, in case it is not the Government, shall seek the approval of the Authority.