The Department of telecom (DoT) is likely to send a supplementary showcause notice to Bharti Airtel in a case related to the transfer of its tower business to Bharti Infratel (BIL), sources told CNBC-TV18. Bharti Infratel is the mobile phone tower arm of Bharti Airtel. Sources say the DoT action is based on a special audit for two years, FY 2007 and FY 2008. Bharti had transferred its tower business at nil value after approval from the High Court.
It is said that the company has not shown the difference between book value and fair value of its tower business. Meanwhile, the company said that it has not received any communication regarding the supplementary showcasue notice. It maintained abidance by the corporate governance norms.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
