Reserve Bank of India questions HTIL's holding in Hutch-Essar.
Economic Times (New Delhi, India), March, 2007
Byline: R Sriram
Mar. 26--MUMBAI, India -- The Reserve Bank of India (RBI) has said that a multi-layered holding structure put in place by Hutchison Telecom for a 12.26 percent stake -- the stake that the company could not own directly in Hutch-Essar -- may have breached telecom sector's foreign investment guidelines.
In a letter dated March 20 and addressed to DK Singh, director, Foreign Investment Promotion Board (FIPB), ministry of finance, the RBI also said that there is a need for a thorough investigation to ascertain the actual foreign holding in Hutch-Essar.
"Since the funding has been made at the instance of HTIL, it would imply that these persons would be holding shares in concert with HTIL and if this is taken into account, the...
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