HEL nod based on beneficial ownership. Economic Times (New Delhi, India) | April 25, 2007 | COPYRIGHT 2007 The Economic Times. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information) Copyright

Apr. 25--NEW DELHI -- The law ministry's clean chit to Hutchison-Essar Ltd (HEL) in the row over violation of FDI norms is largely based on the argument of Hutchison Telecom International Ltd (HTIL) that Hutchison-Essar Ltd (HEL)CEO Asim Ghosh and Max India chairman Analjit Singh directly benefited from appreciation of the 12.26 percent stake held by them in HEL.

In a recent communication to the Foreign Investment Promotion Board (FIPB), HTIL had said that the pacts signed with companies owned by Mr Ghosh and Mr Singh was only to provide them 'downside' protection.

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