Former managing director of Vodafone Essar, Asim Ghosh, is in talks with Max India founder and chairman Analjit Singh to sell his 2.39 per cent stake in the mobile phone operator. Ghosh holds the stake in Vodafone Essar indirectly, through various holding companies. Analjit Singh was the original promoter of the company.
Special CBI Judge O P Saini adjourned Monday's proceedings in the wake of stay granted by the Supreme Court on separate pleas filed by Mittal and Ruia challenging the March 19 order of the trial court summoning them as accused in the case.
Special CBI Judge O P Saini adjourned today's proceedings after advocate Siddharth Agarwal, appearing for Mittal, said the Supreme Court is scheduled to hear in March the separate pleas filed by Mittal and Ruia challenging the March 19, 2013 order of the trial court summoning them as accused in the case.
The police had filed charges in December against Bharti Airtel and Vodafone's India unit.
Delhi High Court issued notices on Monday to the Centre, Hutchison Telecom India Ltd, Hutch-Essar and its minority shareholders among others on a petition alleging breach of foreign direct investment norms in telecom sector.
The department wants opinion on whether the credit support given by Hutchison Telecom to Analjit Singh and Asim Ghosh (who hold 12.26 per cent in Hutch-Essar) can be considered a benami transaction.
Says cap breached on account of Singh, Ghosh stakes.
The FIPB referred the matter to the law ministry today.
The decks are being cleared for the acquisition of Hutch-Essar by Vodafone, with the department of legal affairs of the view that the 12.26 per cent stake held in Hutch-Essar by Asim Ghosh and Analjit Singh was in conformity with norms.
The UK group bought a 52 per cent stake in the Indian company in May, which is now called Vodafone Essar. Mumbai-based Essar Group owns 33 per cent, with Asim Ghosh, Vodafone Essar managing director, and Indian businessman Analjit Singh owning the remaining 15 per cent.
Hutchison Telecom is confident of reaching two million customers by December 2002, according Hutchison Telecom East Ltd Managing Director Asim Ghosh.
Telecom company Hutch-Essar on Tuesday said it is planning to invest about Rs 1,656 crore ($360 million) this year for expansion of its network and building capacity.
Cellular operator Hutchinson has bagged exclusive rights for the content of ICC World Cup Cricket 2003 for mobile telephony, enabling it to send video clips of every match's "best moments" on a cellphone.\n\n\n\n
The apex court had on December 4 last year, reserved the verdict after hearing counsel for corporate honchos and the Central Bureau of Investigation.
Likely to seek FIPB approval to raise holding; deal could bring FDI of about $696 mn.
In April 2013, CBI had first told the Court there were "some difficulties" in the probe after it went abroad.
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