Connectivity Business News
  • NEWS
  • REPORTS
  • TRANSACTIONS
  • DATA
  • PODCAST
  • WEBINARS
    • Past Webinars
Tuesday, July 8, 2025
Log In
No Result
View All Result
  • Satellites
  • Space Services
  • Investment & M&A
  • Government & Defense
  • Strategy & Markets
  • Launch Dashboard
Connectivity Business News
  • NEWS
  • REPORTS
  • TRANSACTIONS
  • DATA
  • PODCAST
  • WEBINARS
    • Past Webinars
No Result
View All Result
Connectivity Business News
No Result
View All Result

Etisalat DB may face fine for FDI breach

Connectivity BusinessbyConnectivity Business
July 10, 2011
in News
0
Share on FacebookShare on LinkedInShare by Email

Etisalat DB, the Indian subsidiary of UAE-based telco Etisalat, may be imposed a US$1.6bn fine for alleged breach of foreign direct investment (FDI) rules, according to reports.
Balesh Kumar, India’s Enforcement Directorate special director, was quoted…

Etisalat DB, the Indian subsidiary of UAE-based telco Etisalat, may be imposed a US$1.6bn fine for alleged breach of foreign direct investment (FDI) rules, according to reports.

Balesh Kumar, India’s Enforcement Directorate special director, was quoted telling the Financial Times that Etisalat increased its stake in Etisalat DB to above 49% in 2009 without seeking approval from the Foreign Investment Promotion Board (FIPB).

Under India’s FDI regulations, a foreign company is not allowed to own more than 49% of an Indian telco without obtaining FIPB approval first.

In 2008, Etisalat acquired a 45% stake in Swan Telecom (the company was renamed Etisalat DB in June 2009) for about US$900m. In December 2009, it reportedly bought an extra 5% from Genex Exim Ventures, a venture capital firm.

Etisalat is already under fire in India amid the 2G scam.

In March, The Department of Telecommunications (DoT) reportedly sent notices to eight cellcos, including Etisalat DB, asking them to justify why their licences should not be cancelled after they failed to meet rollout obligations back in 2008, wrote local reports. These obligations include covering at least 10% of the district headquarters within 12 months of receiving licences.

That same month, Etisalat DB’s vice chairman Shahid Balwa resigned after being arrested and questioned on allegations of wrongdoing in the scandal back in 2008.

Previous Post

ITI mulls TVN exit

Next Post

Bidding opens for Eutelia

Related Posts

News

A message from the publisher

January 3, 2025
industry
Strategy and Markets

3 connectivity industry takeaways of 2024

December 30, 2024
2024
Space Services

Top launch milestones of 2024

December 27, 2024
Next Post

Bidding opens for Eutelia

The Dish Podcast

Satellites

wi-fi

SpaceX, Amazon in talks with British Airways owner on Wi-Fi deal

December 24, 2024
leo

Eutelsat, Amazon rev up LEO ambitions

December 17, 2024
industry

Space Force to spend more than $10B on GPS upgrades

December 9, 2024
  • About
  • Contact Us
  • Privacy Terms
  • ADA Compliance
  • Advertise

 Manage Cookie Consent

Follow Us

© 2025 Royal Media

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • NEWS
    • All News
    • Investments
    • Government and Legal
    • Satellites
    • Space Services
    • Strategy and Markets
    • Terrestrial Connectivity
  • REPORTS
  • TRANSACTIONS
  • DATA
  • THE DISH PODCAST
  • WEBINARS
    • Upcoming Webinar
    • Past Webinars
  • SUBSCRIBE
  • Log In / Account

© 2022 Royal Media

THIS WEBSITE USES COOKIES

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “I CONSENT”, you consent to the use of ALL the cookies.

Cookie settingsI CONSENT

Review our Cookie Policies
.
Manage Cookie Consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
34f6831605sessionGeneral purpose platform session cookie, used by sites written in JSP. Usually used to maintain an anonymous user session by the server.
a64cedc0bfsessionGeneral purpose platform session cookie, used by sites written in JSP. Usually used to maintain an anonymous user session by the server.
cookielawinfo-checkbox-advertisement1 yearSet by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
crmcsrsessionGeneral purpose platform session cookie, used by sites written in JSP. Usually used to maintain an anonymous user session by the server.
JSESSIONIDsessionThe JSESSIONID cookie is used by New Relic to store a session identifier so that New Relic can monitor session counts for an application.
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
CookieDurationDescription
_zcsr_tmpsessionZoho sets this cookie for the login function on the website.
e188bc05fesessionThis cookie is set in relation to Zoho Campaigns
iamcsrsessionZoho (Customer Support) sets this cookie and is used for tracking visitors (for performance purposes)
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
CookieDurationDescription
_ga2 yearsThe _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.
_gat_gtag_UA_60801358_11 minuteSet by Google to distinguish users.
_gat_gtag_UA_97997734_21 minuteSet by Google to distinguish users.
_gid1 dayInstalled by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
Save & Accept
Powered by CookieYes Logo