India, May 14 -- BSE SME-listed DroneAcharya has taken a U-turn from its decision to merge with agri-drone company AITMC Ventures and has decided to put the merger on hold.

In a regulatory filing, DroneAcharya said that its board has "rescinded" the resolution it passed on January 23 this year regarding signing a term sheet with AITMC Ventures for a "proposed strategic merger".

"The reason for the recission is to re-evaluate the term sheet and focus on the current growth and future opportunities in the sector," the filing added.

However, DroneAcharya founder and MD Prateek Srivastava told Inc42 that the company has not cancelled the merger but put it on hold for now.

In January, when the two companies signed the term sheet for the mer...