Undeterred by the controversy surrounding its acquisition of Hutch-Essar, Vodafone asserted on Monday it was fully compliant with the foreign direct investment regulations as it had 'only stepped into the shoes of Hutchison Telecom.'

"Vodafone is stepping into the shoes of Hong Kong-based Hutchison Telecom with all other parameters remaining unchanged. Since the same arrangement was approved by the FIPB last year, we are confident that this will stand government's scrutiny," a Vodafone spokesperson said.

In the event FIPB does not give its approval for the transaction, Vodafone would obviously examine a range of alternatives with HTIL and Essar, he said.

The company, however, acknowledged that the arrangement was complex as a consequence of various changes in shareholders and ownership rules in the past.

"The fact is that we have all our arrangements in the company as per the law and in compliance with Indian rules and regulations," the company said.

"Shareholding structure which Vodafone will inherit from HTIL is compliant with Indian regulations but ultimately it is a matter for FIPB to clear it," the spokesperson said.

Asked whether Vodafone was hopeful to get FIPB approval in the next meeting, which may take place on April 12, the company said: "We are hopeful of early clearance."