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New Delhi, Nov. 6 The Foreign Investment Promotion Board has recommended that the proposals from Mr Analjit Singh and Mr Asim Ghosh to part-sell their minority stakes in Vodafone Essar be deferred due to objections by the Department of Revenue.

The department has sought more time to examine the proposals as it apprehends that the move is aimed at “treaty shopping”, or tax avoidance. Treaty shopping refers to cases where investors use the Mauritius route to bring in investments to the country, taking advantage of double tax avoidance treaty.

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