New Delhi: The government on Thursday sought more information from stakeholders of Hutch Essar including on financing by two minority shareholders for buying their stake.
It also deferred a decision on British telecom giant Vodafone's deal to acquire a controlling stake in the company.
"I have sought more comments from the companies. They have agreed to give us more details. The decision has been deferred," PTI quoted Finance Secretary Ashok Jha as saying.
HEL Managing Director Asim Ghosh as also representatives of Max Group Chief Analjit Singh, Hutchison Telecom International and Vodafone made presentation before the FIPB, which deferred a decision in this regard.
Although Jha did not elaborate, FIPB - the decision making body for foreign investment in the country – is understood to have sought details of the loans taken by Ghosh and Analjit Singh for acquiring over 12 per cent stake in HEL.
Hutchison Telecom had stood guarantee for the loans for the two minority stakeholders amid reports the arrangement was for compliance of FDI guidelines and the shareholding of the company was given a go ahead by FIPB last year.
Both Singh and Ghosh have time and again stated they were the real owners of the stake and not a front for HTIL.
FIPB is also awaiting the opinion of law ministry while it was not clear as to what position the Reserve Bank of India has taken on the issue.
(With agency inputs)
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