No smackid, it's not just you.
What you were told is true. The company tried to get the DGCA to agree to a waiver allowing them to use ex-pat FO's but they wouldn't budge. It's a real shame because I met some nice people who were going to kick start their careers through BJets.
The only hope is that the ensuing carnage will bring the Indian government to it's senses. If they insist on companies hiring sausage factory, ink-still-wet-on-the-licence CPL's it's going to be...................interesting.