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Vodafone?s Acquisition Of Hutch Deferred; Deal Under Regulatory Scanner

In India, the completion of Vodafone?s acquisition of Hutch-Essar (HEL) has been deferred: The Foreign Investment Promotion Board (FIPB) has summoned Vodafone, Hutchison and Essar to explain the entire transaction in their next meeting on March 29. The Reserve Bank of India and the Department of Telecom had also been asked to check if the deal is as per the Foreign Direct Investment norms, which cap permissible FDI at 74 percent.

The Economic Times adds that the FIPB had also written to HEL MD Asim Ghosh and Max India chairman Analjit Singh to also check on FEMA (Foreign Exchange Management Act) compliance.

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