The Department of Telecom is likely to seek tentative shareholding pattern from Sistema Shyam Teleservices along with approximate amount that it plans to bring in after raising FDI limit in the company as there are "some discrepancies".
SSTl, which operates under MTS brand, has sought approval of the Foreign Investment Promotion Board (FIPB) to raise FDI limit in the firm from 73.95 at present. "There are some discrepancies in the FIPB application and it is proposed that we may seek...Tentative shareholding of SSTl post conversion of redeemable preference shares in to equity shares and approximate amount of FDI inflow during the proposed transactions," an official source said.
Russian conglomerate Sistema JSFC holds 56.68 per cent in SSTl, Russian government 17.14 per cent and 0.13 per cent other foreign entities. DoT sources said that SSTl has not provided the board resolution for raising FDI limit which may be required.