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HTIL refutes FDI violations charges

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CIOL Bureau
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NEW DELHI: A day after a non-government group filed a petition against Hutch-Essar claiming that its foreign venture of more than the 74 per cent foreign direct investment (FDI) cap, Hutchison Telecom International Ltd (HTIL) has termed the allegations as ‘entirely without merit’.

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In a statement released on Wednesday HTIL said that ‘the company’s arrangements with Indian shareholders of Hutchison-Essar, were structured in compliance with the FDI regulations and have been approved by relevant Indian authorities.’

The statement said that ‘the petition is entirely without merit’.

On Tuesday, Telecom Watchdog had filed a public interest litigation in the Delhi High Court alleging that Hutch-Essar Ltd had got 89.03 per cent foreign holding in turn violating of the telecom policy.

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