Maran gives clean chit to Hutch-Vodafone ahead of FIPB meeting
27 Apr 2007
Mumbai:
Communication and IT minister Dayanidhi Maran has
given a clean chit to the Hutch-Vodafone deal, saying
there was nothing wrong with the transaction, even as
the foreign investment promotion board is due to meet
on April 27 to finalise the licensing conditions.
FIPB is currently looking into the alleged violation
in FDI limit in the Hutch-Vodafone deal, a senior government
official said.
"The FIPB is likely to take a decision tomorrow
on Vodafone issue," Ajay Dua, secretary, department
of industrial policy and promotion, said. Dua''s comment
came after the FIPB thrice deferred decision on the
Hutch-Vodafone issue.
"As far as my ministry is concerned, we have said
there is no breach of licensing conditions either by
Hutchison or Vodafone," news agency reports quoted
Maran as saying.
He, however, said FIPB was the right authority to do
the due diligence and go into details of the shareholding
pattern.
Meanwhile, the two minority shareholders of Hutch-Essar
- Asim Ghosh and Analjit Singh - besides officials of
Hutchison and Vodafone will meet finance secretary Ashok
Jha to clarify queries that the finance ministry may
have.
Max
Group chairman Analjit Singh also met FIPB officials
and stated that there was no agreement between him and
Hutchison (now Vodafone) to sell his shares on a future
date at a face value of Rs10.
If the sale takes place, it will be on market price,
Singh said, adding: "But I have decided to stay
with the company and I am the sole owner of my stake."