Bharti Airtel under Enforcement Directorate scanner

NEW DELHI: Bharti Airtel has come under the scanner of the Enforcement Directorate for alleged violations of Foreign Exchange Management Act (FEMA).

“The directorate of enforcement has initiated enquiries about suspected contraventions of the provisions of the FEMA by Bharti Airtel,” minister of state for finance, Namo Narain Meena, said.

He said market regulator Sebi had also received complaints alleging that promoters of Bharti airtel increased their shareholding to 67.15% as on September 30, 2008 from 60.91% on Jun 30, 2007 without making an open offer as per Sebi norms.

A separate complaint had also been received by the Central Board of Direct Taxes alleging improper accounting treatment of licence fee and spectrum charges by the company.

The company in its response said: “Bharti Airtel adheres to the highest standards of corporate governance and always complies with all the rules and regulations laid down by various agencies and the licensor namely DoT. We will provide all relevant details to the concerned authorities as and when required and will offer full assistance to clarify any concern.”