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Bharti Airtel under ED scanner for FEMA violation
TT Correspondent |  |  17 Aug 2011

The Enforcement Directorate has initiated inquiries against telecom service provider Bharti Airtel for suspected contraventions of the provisions of the Foreign Exchange Management Act, minister of state for finance Namo Narain Meena said in a written reply in the Rajya Sabha on Tuesday.

He said the Securities and Exchange Board of India (Sebi) had received complaints against promoters of Bharti Airtel for violating takeover code.

“Sebi had received complaints inter-alia alleging that shareholding of promoter group of Bharti Airtel Ltd was increased from 60.91 per cent as on June 30, 2007, to 67.15 per cent as on September 30, 2008, without providing an open offer in violation of the Regulation 11 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997,” Meena said.

The Central Board of Direct Taxes had received a reference containing allegations regarding improper accounting treatment of licence fee and spectrum charges by the company, the reply said.

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17 Aug 2011(IST)  
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