The Foreign Investment Promotion Board (FIPB) is likely to take a final call on the Jet-Etihad deal on the basis of the company’s revised Shareholder Agreement and Corporate Governance Code, a senior Government official said. Market regulator SEBI’s verdict on the validity of the Jet-Etihad foreign direct investment (FDI) proposal may not be the final one if all the ministries concerned do not agree with it.    

While the FIPB has decided to seek SEBI’s opinion on the issue of ownership and control of the company, its advice would be accepted only if all other ministries concerned including Department Industrial Policy & Promotion (DIPP), civil aviation and corporate affairs are agreeable, a DIPP official has said.    

Naresh Goyal-promoted carrier Jet Airways’ proposal to sell 24 per cent stake to Abu-Dhabi based airlines Etihad for over Rs 2,000 crore has run into rough weather over concerns about ownership and control of the company once the deal happens. FIPB will also take cognisance of new control formulae, as agreed upon by the Finance Ministry and the DIPP besides other for considering the proposal, the source said.