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Friday, Apr 27, 2007
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Telecommunications Info-Tech - Mergers & Acquisitions FIPB ruling on Vodafone-Hutch deal likely today Our Bureau
"We are not here to influence the processes of Government of India in anyway," said Mr Ghosh.
CLARIFYING DOUBTS: Mr Asim Ghosh, MD, Hutchison Essar, and Mr Analjit Singh, Chairman, Max New York Life Insurance, at the North Block before meeting the Finance Secretary on Thursday. The FIPB may give its ruling on the Vodafone-Hutch deal on Friday. — Kamal Narang
New Delhi April 26 With the Government likely to take a decision on the Hutch-Vodafone deal on Friday, two minority shareholders — Mr Asim Ghosh and Mr Analjit Singh — of Hutchison-Essar met the Finance Secretary, Mr Ashok Jha at North Block on Wednesday. The shareholding of both Mr Ghosh and Mr Singh had come under the Government's lens after the UK-headquartered Vodafone acquired a controlling stake in Hutchison-Essar and sought FIPB (Foreign Investment Promotion Board) approval for the transaction. Vodafone had bought the direct majority holding of Hong Kong-based Hutchison Telecommunications International Ltd in Hutchison-Essar. The FIPB, which has deferred a decision on this matter thrice, is likely to take a decision on Friday, the Department of Industrial Policy and Promotion (DIPP) Secretary, Mr Ajay Dua, told reporters here on Wednesday. The main issue before FIPB is whether the new shareholding pattern, including the holding of minority shareholders - Mr Ghosh and Mr Singh, breached the maximum foreign equity holding limit of 74 per cent in the telecom sector. "We had sought a meeting to clarify our submissions of April 9. I did not seek an indication for tomorrow. We are not here to influence the processes of Government of India in anyway. We respect the processes of the Government," Mr Ghosh, Managing Director of Hutch-Essar told reporters after meeting the Finance Secretary. On whether he sees the possibility of FIPB asking him and Mr Singh to divest their holding and then reinvest, Mr Ghosh said, "I will be very surprised because then they are telling me that I am not the owner of my shares and that is not a position that I can accept."
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