law: Electricity Act, 2003
  17. Licensee not to
  
  do certain things.-
  1.     
  
    No
  
  licensee shall, without prior approval of the Appropriate Commission,--
  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:
  Provided
  
  that  
  
  nothing contained in this sub-section shall apply if the utility of the
  
  licensee is situate in a State other than the State in which the utility
  
  referred to in clause (a) or clause (b) is situate.
  1.     
  
  
  2.     
  
    Every
  
  licensee shall, before obtaining the approval under sub-section (1), 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.
  3.     
  
    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 Appropriate Commission.
  4.     
  
    Any
  
  agreement relating to any transaction specified in sub-section (1) or
  
  subsection (3), unless made with, the prior approval of the Appropriate
  
  Commission, shall be void.