Sources said the clause stipulating that Jet and Etihad could vote together as persons acting in concert had been removed in the new agreement and that Etihad has to maintain a minimum 15% shareholding at all times. Senior Jet and Etihad officials are learnt to have met Sebi officials on Tuesday.
Sources said FIPB had deferred a decision after discrepancies had been noticed in the agreement signed by the two carriers and the application submitted to the FIPB.
The issue lay in the number of foreign nationals on the Board which, as per rules, cannot exceed more than one-fourth of the total Board strength.
Concerns were also raised on the place of business being moved from India to Abu Dhabi. It was pointed out that the substantial ownership and effective control indicated that Etihad was wielding far more control over Jet than the agreement indicated.