Bharti Airtel in legal trouble

Sushubh

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Oct 29, 2004
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Shares in Bharti Airtel, India's top mobile phone carrier, fell as much as 3.6 percent on Monday after the federal police searched its offices and those of Vodafone's Indian unit as part of an investigation into alleged irregularities in the allocation of the nation's airwaves.

Bharti shares pared losses to trade 1.04 percent lower at 0644 GMT in a Mumbai market down 1.2 percent.

The Central Bureau of Investigation (CBI) has registered a case against the companies, two former telecoms ministry officials and others, it said. The case relates to alleged irregularities in allotting mobile spectrum during the previous government led by the Bharatiya Janata Party (BJP), which is now in opposition.

Alleged "undue favour" shown to companies had cost the government about 5.08 billion rupees ($98 million) over 2001-2007, the CBI said on its website.

Bharti Airtel shares fall after police search offices — economictimes.indiatimes.com — Readability
 

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