Status of Investor Complaints for the year ended March 31, 2009

Complaints Pending at the beginning of the year Nil

Complaints Received during the year 35

Complaints disposed off during the year 35

Complaints unresolved at the end of the year Nil

1. The above financial results for the fourth quarter and year ended March 31, 2009 have been reviewed by the Audit Committee in its meeting held on April 29, 2009 and approved by the Board of Directors in its meeting held on April 29, 2009.

2. Segment wise revenue, results and capital employed have been provided separately under segment reporting. The consolidated financial statement has been furnished to provide information about overall business of the Company and its subsidiaries.

3. Previous yearīs / periodīs figures have been regrouped / rearranged, wherever required.

4. During the quarter and year ended March 31, 2009, the Company has allotted 23,602 and 2,38,942 new equity shares, respectively, to the employees of the Company upon exercise of stock options as per ESOP Scheme 2005. Also, upon conversion of FCCBīs, 93,408 shares were issued during the year. As a result, the paid up equity share capital of the Company stands increased to Rs 1,898.24 crore as on March 31, 2009 from Rs 1,898.22 crore as on December 31, 2008 and Rs. 1897.91 crore as on March 31, 2008

5. Subsequent to March 31, 2009, the Company has received notices for allotment of 65,385 equity shares upon conversion of USD 350,000 Zero Coupon Convertible Bonds (FCCBs) issued by the Company vide its offering circular dated May 12, 2004 and the balance FCCBs worth 50,000 USD is in the process of being redeemed by the Company.

6. Reserves and surplus as at March 31, 2009 include Rs 115.92 crore for the Company and Rs 140.58 crore for the Group, towards employee stock option outstanding (net of the related deferred cost) account.

7. The Board of Directors recommended a final dividend of Rs 2.00 per equity share of Rs. 10 each (20% of face value) for financial year 2008-2009. The payment is subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company.

8. The Board of directors in its meeting held on April 29, 2009 have approved sub-division (share split) of existing equity shares of Rs 10/- (Ten) each into 2 (two) equity shares of Rs 5 (Five) each, subject to the approval of its shareholders.

9. On February 19, 2009, the Company increased its stake in Bharti Hexacom Ltd by 1.11% through acquisition of 27,80,306 equity shares for an aggregate consideration of Rs 16.68 crore thereby increasing its investment by same amount.

10. On March 4, 2009, the Company subscribed to 1,470,000 equity shares of Rs 10 each at par (49% stake) in Bharti Tele ports Ltd for an aggregate consideration of Rs 1.47 crore.

11. Bharti Infratel Ltd, a subsidiary of the Company, in its Board Meeting held on January 20, 2009, approved a scheme of arrangement forth demerger of its undertaking comprising passive telecom infrastructure in 12 Circles and merger thereof with Bharti Infratel Ventures Ltd (wholly owned subsidiary).

12. The Company received the order of the Honīble Delhi High Court for amalgamation of Bharti Aquanet Ltd (Aquanet), a wholly owned subsidiary, with the Company. The said order has been filed with the Registrar of Companies, N.C.T. of Delhi & Haryana, on January 1, 2009 and accordingly Aquanet has amalgamated with the Company with effect from that date. The difference between the carrying value of Investment in Aquanet and value of net assets acquired under the Scheme of Rs. 5.50 crore has been credited to Reserve and Surplus.

13 During the year, effective April 1, 2008, the Company has adopted the treatment prescribed in Accounting Standard (AS-11) Effect of Changes in Foreign exchange Rates notified in the Companies (Accounting Standard) Rules Z006 dated December 07, 2006. Instead of capitalizing / decapitalizing such fluctuation, as per policy hitherto followed, the Company has charged/credited such fluctuations directly to the Profit & Loss Account.

Had the Company continued with its earlier policy, net profit after tax would have been higher by Rs 354.95 crore and Rs 1,255,07 crore for the quarter and year ended March 31, 2009, respectively, for the Company and the net profit after tax would have been higher by Rs 372.50 crore and Rs 1,302.44 crore for the quarter and year ended March 31, 2009, respectively, for the Group.

14. Mr. Craig Edward Ehrlich has been appointed as independent non-executive director w.e.f. April 29, 2009 and Mr. Kurt Hellstrom, Independent non-executive director has resigned from the board of the Company w.e.f. April 29, 2009.

Manoj Kohli
CEO & Joint Managing Director