In a shocking revelation, it has been reported that Country's largest private telecom company Bharti Airtel has come under scanner of the Enforcement Directorate for suspected violation of provisions of the Foreign Exchange Management Act (FEMA).

It has been reported that the Securities and Exchange Broad of India (SEBI) received complaints, indicating that shareholding of promoter group of Bharti Airtel Limited was increased from 60.91% as on June 30, 2007 to 67.15 % as on September 30, 2008 without providing an open offer, which is in violation of Regulation 11 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 1997.

Making the news official, Namo Narain Meena, Minister of State for Finance said: "The Directorate of Enforcement has also initiated enquiries about suspected contraventions of the provisions of the Foreign Exchange Management Act by Bharti Airtel”.

In response to the serious allegations, the company assured complete cooperation in all the investigations. “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 — DoT”, said the telecom company.

With the news making reverberations in the contours of market, the shares of the Company closed at Rs 396.05, up by 1.73% on BSE.