New Delhi, March 29: The wait’s getting longer for Bristish telecom giant Vodafone to foray into the fastest growing telecom market in the world. The Foreign Investment Promotion Board (FIPB) has deferred the decision on Vodafone’s acquisition of Hutch Essar for a second time.

FIPB today sought more information on the foreign shareholding pattern of the Indian firm from all participants before it reaches any decision.

“I have sought more comments from the companies,” said finance secretary Ashok Jha after his meeting with representatives from Vodafone, Hutchison and Asim Ghosh and Analjit Singh — the two minority shareholders.

The proposal was deferred during a previous meeting on March 17 as FIPB needed more details about the foreign ownership of the telecom company.

Vodafone had applied for the FIPB clearance on February 22 through Vodafone International Holdings BV Netherlands. The $11.1-billion deal clinched with the Hong Kong-based Hutchison Telecom is based on an enterprise value of $18.8 billion for the controlling stake of 52 per cent.

The British firm had retained Essar as the domestic partner with a 33 per cent stake, of which 22 per cent is foreign direct investment (FDI) routed through its Mauritius-based firm.

Of the balance 15 per cent, 12.26 per cent is held between Hutch Essar managing director Asim Ghosh and Max India chairman Analjit Singh through a company called Telecom Investments India. The remaining 2.74 per cent out of 15 per cent is with IDFC.

The controversy arose over the 12.6 per cent stake jointly held by Asim and Analjit on whether they are the actual owners or Hutchison Telecom International Ltd (HTIL) was the owner.

India allows foreign ownership of up to 74 percent in a domestic telecom firm, and the FIPB has asked the telecom and law ministries whether Hutchison Essar conformed to the guidelines.

The Reserve Bank of India, in its report to FIPB, had alleged that since HTIL had guaranteed loans taken by Ghosh and Singh to buy their respective stakes in the company, HTIL was the actual owner of the 12.6 per cent shares thus taking the Hong-Kong based company's interest to 67 per cent.

Under this scenario, along with Essar's 22 per cent investments routed through Mauritius, the company's overall FDI goes beyond 74 per cent, and thus amounts to violation of Foreign Exchange Management Act (FEMA).