FIPB to hear Hutch-Essar takeover case today

Updated on Mar 29, 2007 04:15 PM IST

The Foreign Investment Promotion Board (FIPB) will hear the alleged breaching of FDI norms by Hutch-Essar stakeholders Asim Ghosh and Analjit Singh and British telecom giant Vodafone PLC on Thursday.

HT Image
HT Image
IANS | By, New Delhi

The Foreign Investment Promotion Board (FIPB) will hear the alleged breaching of FDI norms by Hutch-Essar stakeholders Asim Ghosh and Analjit Singh and British telecom giant Vodafone PLC on Thursday .

Both Ghosh, chief executive of Hutch, and Singh, Max India's chairman, who are minority stakeholders in Hutch-Essar, will present their case to the FIPB, which is an inter-ministerial panel headed by Finance Secretary A.K. Jha.

Legal firm Amarchand Mangal Das would represent Hutch and Vodafone would be represented by a senior official, industry sources said.

According to the sources, Vodafone's director for external affairs Matthew Kirk met telecom secretary D.S. Mathur and some other members of FIPB.

Last week, on Vodafone's plea, FIPB decided to give all the parties a chance to present their case before taking a decision. In the meantime, it also sought advice from the RBI and Department of Telecommunications (DoT) to look into the matter.

SHARE THIS ARTICLE ON
SHARE
Story Saved
×
Saved Articles
Following
My Reads
My Offers
Sign out
New Delhi 0C
Sunday, September 25, 2022
Start 15 Days Free Trial Subscribe Now
Register Free and get Exciting Deals