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Bharti Airtel suspected of forex rule violation, says minister

Bharti Airtel suspected of forex rule violation, says minister
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First Published: Tue, Aug 16 2011. 05 17 PM IST
Updated: Tue, Aug 16 2011. 05 17 PM IST
New Delhi: The enforcement directorate is investigating the country’s top mobile phone carrier Bharti Airtel for suspected violations of foreign exchange rules, minister of state for finance Namo Narain Meena said on Tuesday.
Meena also told MPs in a statement the country’s capital markets regulator had received complaints alleging that a shareholding increase by the founders of the mobile carrier had violated rules.
The minister also said the country’s tax office had received allegations of “improper accounting treatment” of licence and spectrum fee by the company.
Bharti said in a statement it adhered to the “highest standards of corporate governance” and always complied with rules.
“We will provide all relevant details to the concerned authorities as and when required and will offer full assistance to clarify any concern,” it said.
Shares in Bharti closed at Rs395.85, up 1.7% up, in a weak Mumbai market. They rose as much as 3.5% during trade.
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First Published: Tue, Aug 16 2011. 05 17 PM IST