FIPB to hear Hutch-Essar takeover case today

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.

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 .

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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.