new delhi the 85billion bailout of aig by the us federal government in exchange for a 799 equity interest may land several indian companies including mindtree aia engineering bharati shipyard federal bank and gayatri projects in a unique regulatory hasslethe government may examine holdings by the insurer in indian companies through its various arms since the us government would become a shareholder in these companies by getting the rights to stakes held by the insurer in these firms prior to the bailoutaccording to government sources the foreign investment promotion board fipb may seek information on stakes held by the aig group directly or indirectly through its holding or private equity arms in regulated sectors like insurance telecom banking and defence aig has a 2674 jv with the tatas for the insurance business while an indiaspecific fund has exposure in companies like reliance hdfc bank bharati shipyard bhel bharti airtel sun pharma and tataaig however the sources said that whether these pefunded companies also come under scrutiny would be looked intofipb may also seek information from companies regarding investments made in indian companies through fdi and fii route especially through the holding company route this has gained significance considering this is the first time india will have to confront direct investment by the us government investments by sovereign wealth funds set up by countries like china faced intense scrutiny by regulators in the pastthe aig group has holdings in small and midcap companies through its holding arms in india in terms of shareholding statistics till june 2008 aig offshore held a 327 stake in mindtree aig trustee held 207 in gayatri projects the insurer held a 13 114 and 239 stake in aia engineering bharati shipyard and sun pharma respectively through its holding arms aig global investment corporation aig trustee and aig investment corporation the indiafocused aig equity fund has exposures in infosys itc bharti sun pharma and abbaccording to law firm fox mandal partner saroj jha the change of ownership in companies under sectors with fdi caps has to be notified to fipb and respective regulatory authorities in case of bharti airtel fipb and trai have to be informed about the ownership transfer similarly the change has to be approved by the reserve bank of india rbi and fipb in the case of hdfc bank and sbiunless there is fresh fund infusion or change in the ownership structure the government would not meddle with the matter of change in ownership of particular holdings in indian companies as per current fdi norms the share transfer from a foreign company to other foreign companies is permitted provided its well within the fdi limit and sectorspecific norms are followed the sources in the department of industrial policy and promotion dipp said