
The Hutch-Vodafone deal will be delayed by two months with the Delhi High Court referring the case to the Foreign Investment Promotion Board (FIPB).
The Court was hearing a petition by NGO Telecom Watchdog, which alleges that foreign holding in the mobile venture is 89.03 per cent – far more than the 74 per cent FDI cap for the telecom sector.
A division bench comprising Chief Justice M K Sharma and Justice Sanjiv Khanna said: “(Since) the aforesaid matter is before FIPB and an inquiry is (being) done by FIPB, we are not issuing any notice to the companies. The Centre and FIPB will decide the matter as expeditiously as possible within two months.”
Hutchison Telecom had denied the allegations as groundless.
Shareholder approval
Meanwhile, shareholders of Hutchison Telecom International Ltd (HTIL) have approved sale of the company’s Indian assets to UK mobile giant Vodafone for $11.1 billion in cash with an overwhelming majority.
The shareholders, representing a majority of HTIL shares, approved the deal at an Extraordinary General Meeting in Hong Kong on Friday. (with PTI inputs)





