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| FIPB defers proposal on giving telecom licence to Bycell |
| Press Trust of India / New Delhi Sep 17, 2009, 19:37 IST |
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The Foreign Investment Promotion Board (FIPB) has again deferred its recommendation on the revised Rs 2,500-crore proposal of Swiss telecom company ByCell to start telecom services in India.
At its latest meeting on September 11, the board deferred the proposal as the comments from the Home Ministry did not come on security aspects, official sources said today.
Earlier also, the proposal was deferred by the FIPB as it was not supported by the Department of Revenue in the Finance Ministry because the sources of funds were not clear.
Bycell had approached the FIPB again in June to reconsider its revised proposal, involving foreign direct investment of Rs 2,500 crore, on starting telecom services in India after the Government decided to revoke all foreign collaboration approvals given to the company on security reasons.
Bycell had also moved the Delhi high court against FIPB and the Department of Telecom over their failure to give telecom licence to the company.
The FIPB had revoked the approval on the basis of withdrawal of security clearance by the Home Ministry. The Ministry had raised objections over concerns regarding the original sources and channel of fund flows.
In its revised proposal, ByCell had sought permission to change the shareholding structure.
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