NEW DELHI, July 9: The Foreign Investment Promotion Board (FIPB) has rejected Udayan Bose's proposal to sell 51 per cent equity stake in Merwanjee Forex Pvt Ltd to the Dutch company, U N Holdings BV.

The decision could deepen Bose's financial problems, sources said. Bose had struck a deal with U.N. Holdings to divest his 51 per cent equity stake comprising 10.20 lakh shares in Merwanjee Forex at a price of Rs 15 per share.

Bose would have raised Rs 1.53 crore from the deal.

Bose could not be contacted for his comments as he is away to the US. However, a spokesman of Bose said that the company would submit a revised proposal.

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