Was the Hutch-Vodafone deal done before it was done? That's not a trick question, it's a question that begs to be asked, based on circumstances surrounding the deal, reports CNBC-TV18.

On a warm August day last year, the Hutch office in Mumbai had some special visitors - officials from Vodafone. The visit was informal, the discussion kept under wraps. This was a couple of months before it became known that Hutch wanted to sell its stake in Hutch Essar.

There's no way to prove it, but sources tell us Vodafone's interest dates back to August, when it had informal talks with Hutchison over the sale of it's majority stake in Hutch Essar. We hear Vodafone may have discreetly done some due diligence on the company as well. But that's not the only reason there's speculation that the Hutch deal was done before it was publicly announced.

The Hinduja Group was the last to enter the race for Hutch Essar. That and the lack of any other telecom investments or experience meant that they were taken lightly as contenders for Hutch's stake. But they did get an opportunity to do their due diligence on the company. Except that before their diligence was completed Hutch called for binding bids. Hinduja sources claim their bid was higher than Vodafone's. Investment banking sources claim it wasn't considered seriously because the financing wasn't tied up.

Hinduja's diligence schedule was delayed - but then both sides had agreed to it, we hear. So why didn't the Hinduja Group get a chance to complete their due diligence or a chance to explain the financing support for their bid?

Within a day and a half of all the bids coming in and hours after Hutch's board meeting, the buzz was clear that Vodafone had emerged winner. But what's interesting is that in about 12 hours of the board meeting Vodafone issued a lengthy media release that detailed it's acquisition strategy.

It outlined a plan on how Asim Ghosh and Analjit Singh would get an opportunity to increase their stakes if Essar decided to exit and it also detailed how Vodafone would part divest and part keep it's 10 per cent stake in Bharti. Moreover it spoke of how Vodafone had already signed an MoU with Bharti on infrastructure sharing.

How had Vodafone worked all this out in just a few hours?

It's possible that Vodafone had pre-emptive agreements that would kick in if it won the bid. But could it have also negotiated an advance agreement with Asim Ghosh, who as Hutch Managing Director was part of the bid process?

There's no denying that Vodafone has the attributes of a perfect suitor. It's a global telecom company, well funded for a deal this size, has offered a rich price to Hutch and offers the least litigious option in the face of Essar's opposition.

It's also known that the bid for Hutch-Essar was an informally run process, that didn't have to follow any prescribed format as Hutch Essar is a private company. Maybe then the groom and bride had informally exchanged vows before the wedding began.

The information in this story is source-based and circumstantial. Hutch has made no public announcements on the bid process. Nor has it responded to our queries.

Vodafone has denied the story altogether: Spokesperson Bobby Leach told CNBC-TV18, "There is no truth in what is being suggested by you and your sources."