Bharti Airtel suspected of forex rule violation

Bharti Airtel suspected of forex rule violation - min

The Directorate of Enforcement is investigating the country's top mobile phone carrierBharti Airtel for suspected violations of foreign exchange rules, a junior finance minister said on Tuesday.

Namo Narain Meena also told lawmakers 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 395.85 rupees, up 1.7 percent up, in a weak Mumbai market. They rose as much as 3.5 percent during trade.

By- Reuters -India

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