India has rejected a proposal to transfer shares from resident to non-resident in the India telecoms venture of UAE's Etisalat, a finance ministry statement said on Thursday, without citing a reason.
But Shahid Balwa, the vice chairman of the Indian unit, Etisalat DB Telecom Pvt Ltd, told Reuters the application was rejected due to "technical reasons" and the firm would re-apply with required documents.
"We are now submitting a fresh application, say within seven days," Balwa said.
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