Bharti Enterprises Chairman, Sunil Mittal shot off aletter to the company’s institutional investors stating that Manoj Kohli had kept him in the loop before going ahead with the stake sale and had in fact taken approval.

‘The purpose of ESOPs is to use them for creating family assets and not storing them. From time to time, all senior leaders have sold shares to build assets and enjoy the fruits of their hard labour,” said Sunil Mittal justifying Kohli’s move.

The Chairman’s statement comes after Bharti Airtel saw its valuation erode 6.3 % on the stock exchanges following Kohli’s stake sale.

“Manoj continues to lead the company as the CEO & joint managing director and a member on the board of Bharti Airtel, working directly with me. Manoj is one of the finest professionals in the Bharti management team and has helped me in shaping Bharti Airtel’s agenda. He has successfully led one of the most distinguished management teams in India, which has enhanced the company’s leadership position year after year,” added Sunil Mittal in an effort to imply that Kohli will continue to remain part of Bharti top management and is no way quitting the firm.

“It is a matter of pride that at Bharti, we have had one of the most attractive employee stock option scheme that has benefited, at one level, employees at the entry level, who have been able to fulfill their dreams, and at another level, senior leaders make exceptional wealth while building the company,” said Sunil Mittal.