Telecom Watchdog, a Delhi-based NGO, has alleged that IDFC misused funds from the India Development Fund to fund transactions in Hutch Essar Ltd. | |
| The NGO has further alleged that an IDFC company "" SMMS Investments Pvt Ltd "" had purchased Hutch Essar shares, amounting to a total 2.77 per cent equity in the company, at Rs 103.59 per share and executed agreements to sell below par value at Rs 6.23. |
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| Phone calls and messages to IDFC and senior officials of its private equity arm remained unanswered till the time of going to the press. |
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| The NGO has already moved the Delhi High Court alleging that FDI in Hutch has breached the prescribed limit of 74 per cent. |
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