"FIPB does not come into play when I am buying back my own stake. Its role comes only if a foreign company is involved. There is nothing, no scrutiny on our buying back or anything," Bharti group chief Sunil Mittal said.

"We gave the no-objection certificate to Vodafone long ago," he said, when asked if the Foreign Investment Promotion Board had enquired about its decision to buy back shares and on the indirect stake still being held by the firm.

Vodafone and Bharti had last month announced an agreement under which Bharti decided to buy back Vodafone's 5.6 per cent direct stake for $1.6 billion on deferred payment basis.

The UK mobile giant would retain the remaining indirect equity in the country's top mobile company. Vodafone late last month approached FIPB for approval to acquire controlling stake in Hutch-Essar from HTIL as well as for its investment plans for telecom business in the country.

Vodafone, which has agreed to acquire HTIL's stake in Hutch-Essar for $11.1 billion in cash and about $2 billion in debt assumptions, needs FIPB clearance. The deal is subject to FIPB approval for Vodafone's exit from Bharti and acquisition of HTIL's stake in HEL.

Regulatory norms make it mandatory for a foreign investor to submit a no objection certificate from its existing Indian partner if permission is sought for another venture in the same sector. Vodafone has submitted its board resolution and the NOC from Bharti.