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Rediff News  All News  » Business » Complete Hutch-Essar probe in 2 mths: HC

Complete Hutch-Essar probe in 2 mths: HC

March 09, 2007 13:29 IST

The Delhi high court directed the Centre and Foreign Investment Promotion Board on Friday to complete within two months, an inquiry into Hong Kong-based Hutchison Telecom allegedly holding more than the permissible 74 per cent stake in Hutch-Essar.

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."

Telecom Watchdog, a civil society group, had filed a petition before the court alleging that foreign holding in mobile firm Hutch-Essar was 89.03 per cent, far more than the 74 per cent allowed under the foreign direct investment policy.

Hutchison Telecom had denied the allegations as "groundless."

The race for Hutch-Essar

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