Section 112 in The U.P. Electricity Regulatory Commission (Conduct of Business) Regulations, 2004
112.
(a)No licensee shall, without prior approval of the Commission undertake any transaction to acquire by purchase or takeover or otherwise, the utility of any other licensee or merge his utility with the utility of any other licensee. Provided that nothing contained in these regulations shall apply if the utility of the licensee is situate in a State other than the State of Uttar Pradesh.(b)Every licensee shall, before obtaining the approval under sub-clause (a) give not less than one month's notice to every other licensee who transmits or distributes electricity in the area of such licensee who applies for such approval.(c)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 Commission.(d)Any agreement relating to any transaction specified in sub-clause (a) or sub-clause (b), unless made with the prior approval of the Commission, shall be void.
