Hutch-Vodafone 2007 Deal

After over 11 years of wait, finally the Delhi high court next month (Oct 2018) will hear the matter of benami transactions in Hutchison’s sale of its Indian telecom operation to Vodafone that was challenged by a Delhi based NGO way back in 2007. The NGO had brought out how the then finance minister P Chidambaram made the Foreign Investment Promotion Board (FIPB) officials to change their stand, who had concluded that Hutchison’s 15.03 per cent investment in Hutch Essar Ltd (HEL) has been structured to circumvent the FDI cap.