Coca-Cola's proposal for giving Indian shareholders differential voting rights is believed to have come up for discussion at Foreign Investment Promotion Board's meeting held on March 13, sources said in New Delhi on Friday.

However, it could not be ascertained whether Coke's plea was approved.

The soft drinks giant announced completion of divestment of 49 per cent stake in Indian operations in favour of resident Indians on February 27 this year, a day ahead of the deadline set by the government, even as its application was pending with the board.

It has asked the government to allow differential voting rights, taking the plea that a ban on such rights was not a part of entry level conditions which have been enforced by the government by making it mandatory for Coke to divest up to 49 per cent stake in favour of resident Indians.

"As per law, differential voting right is very much a permissible option, and we are waiting for the government to let us know its decision in the issue," company sources said but declined to confirm if the shares issued to Indian

shareholders are not vested with any voting rights.

The voting rights issue follows Coke's repeated pleas with the government to either waive the divestment condition or give it a five-year moratorium. Both were rejected, with the government setting a February 28 deadline for completing divestment.

"The government has itself said that no deviation from the entry level conditions can be allowed. So they should now agree to our request on voting rights," company sources added.