NEW DELHI, Aug 23: The government will take up the issue of acquisition of Asian Paints' shares by British chemical major ICI only after the Indian company approaches the industry ministry with specific complaints.

Asked about the decision of the Asian Paints board on Friday to approach the Foreign Investment Promotion Board (FIPB) to prevent the entry of foreign capital, industry ministry sources said nobody had approached them so far.

Asian Paints will have to specify the reason for which share purchase by the foreign firm could be questioned, the sources told PTI.

They pointed out that FIPB had laid down guidelines for foreign capital investments under various heads ranging from setting up a wholly-owned subsidiary to the expansion of equity in the existing unit and any complaint would have to be seen under specific provisions.

Asian Paints' former chairman and managing director Atul Choksey had struck a deal with ICI to offload his entire 9.1 per cent stake in the company for Rs 351 a share.

This was questioned by the remaining three promoter groups and the board of the Indian blue chip company opposed the deal with a foreign company which was in the same business.

These promoters - the Vakils, the Danis and the Choksis -- announced that the share transfer would not be registered.

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