The soft drinks giant announced completion of divestment on February 27 this year, a day ahead of the deadline set by the government, even as its application is pending with the Foreign Investment Promotion Board against allowing voting rights to Indian shareholders.

"The matter (of not allowing Indian shareholders voting rights) is pending with the government. As per law, differential voting rights is very much a permissible option, and we are waiting for the government to let us know its decision on the issue," company sources said but declined to confirm if the shares issued to Indian shareholders are not vested with any voting rights.

The voting rights issue follows Coke's repeated pleas to the government to either waive the divestment condition or give it a five-year moratorium. When government put its foot down and set a deadline of February 28 for completing divestment, the company went ahead with another proposal to restructure its equity, which was permitted.

"Government has itself said that no deviation from the entry level conditions can be allowed. So they should now agree to our request on voting rights," sources added.

As per the company's statement, Hindustan Coca-Cola Holdings has divested 49 per cent stake in its bottling subsidiary Hindustan Coca-Cola Beverages Ltd in favour of Indian shareholders on private placement basis.

Of the 49 per cent, HCCH has divested 10 per cent in favour of two Hindustan Coca-Cola Beverages Employee and Welfare Trusts while another six per cent equity has been placed with former and current bottlers and suppliers, the company said in a statement in New Delhi.

The remaining 33 per cent of the company's shares have been placed with financial, private and high net worth investors.

HCCB operates a diversified beverage business, owning and operating 26 plants and 60 distribution centres across the country. In addition to this, the company has 30 contract packers to augment its production capacity besides having a 7,000 strong workforce.