India’s largest cellco Bharti Airtel is under investigation, by the Directorate of Enforcement, for alleged violations of foreign exchange rules, Minister of State for Finance Namo Narain Meena was quoted saying.
According to reports, Meena said he…
India’s largest cellco Bharti Airtel is under investigation, by the Directorate of Enforcement, for alleged violations of foreign exchange rules, Minister of State for Finance Namo Narain Meena was quoted saying.
According to reports, Meena said he received complaints alleging that shareholding of Bharti Airtel increased from 60.91% in 2007 to 67.15% in 2008 without providing an open offer. He was also quoted saying that he received allegations of improper accounting treatment of licence fee and spectrum charges.
But Bharti reportedly replied saying that it always complied with rules. The company could not be reached for comment before the press deadline.
