Finance ministry is understood to have reservations on the ownership of minority stakeholders in Hutchison-Essar and is likely to raise the issue at the FIPB meeting on British telecom firm Vodafone's application for buying a controlling stake in the Indian mobile firm.

Foreign Investment Promotion Board will also look into ministry of law's views on whether the 15 per cent indirect stake held by Analjit Singh, Asim Gosh and IDFC, be considered as foreign direct investment in light of the credit support for availing the term loan allegedly provided by HTIL or its affiliates.

According to sources, law ministry has pointed out that as per the framework agreement, Hutchison Telecom's subsidiary GSPL has the right of 'call' and 'put' on shares of Ghosh and Singh.

The race for Hutch-Essar

GSPL was a front for the entire deal, they said. GSPL can also subscribe up to 97 or 97.5 per cent of the shares of minority stakeholders at par subject to Indian laws and regulations and so, are in confirmity.

Sources said the Analjit Singh group of companies, which are indirectly holding 7.58 per cent of equity shares of HEL, would be entitled to get fair market price for maximum of 0.23 per cent.

Similarly, Asim Gosh companies would get fair market price for up to 0.125 per cent stake as against their holdings of 4.68 per cent. Notably, Ghosh and Singh as well as representatives of HTIL and Vodafone yesterday met Finance Secretary Ashok Jha to "clarify" the documents submitted to FIPB.

These issues need a thorough examination, sources said, adding the FIPB may not take a call in the meeting on Friday.