Have full faith in Airtel's governance standard under Mittal: SingTel

SingTel holds over 30 percent stake in Bharti Airtel. The company added that the court summons are in relation to additional spectrum awarded in 2002 - 2003 according to the policy of the Indian Government.

hidden March 20, 2013 17:15:42 IST
Have full faith in Airtel's governance standard under Mittal: SingTel

Singapore-based telecom firm SingTel has said it has full faith in the Bharti Airtel's corporate governance standards under the leadership of Sunil Bharti Mittal.

Based on the Central Bureau of Investigation (CBI) chargesheet, a Delhi court on Tuesday summoned as accused Mittal, Essar Group promoter Ravi Ruia and five others in a case relating to alleged irregularities in allocation of additional spectrum to Airtel and Vodafone during the NDA regime in 2002.

Have full faith in Airtels governance standard under Mittal SingTel

Reuters

"We are confident that Bharti Airtel and Mr Mittal have always upheld and practised the highest standards of corporate governance in all aspects of the companys operations, including the acquisition of spectrum. We trust that due legal process in India will prevail and are confident that Bharti Airtel Ltd. and Mr Mittal will be vindicated before the courts," SingTel said in a statement.

SingTel holds over 30 percent stake in Bharti Airtel.

The company added that the court summons are in relation to additional spectrum awarded in 2002 - 2003 according to the policy of the Indian Government.

Bharti Airtel has charged CBI with attempting to tarnish its reputation.

"We would like to reiterate that Bharti Airtel and its promoters have always practised the highest standards of corporate governance and accordingly view the chargesheet as an attempt to tarnish its high reputation," the Sunil Bharti Mittal-led company had said in a statement.

"We will fight this chargesheet against Bharti Airtel and Sunil Bharti Mittal, Chairman of Bharti Airtel," the company said.

Though Mittal's name was not mentioned in CBI's chargesheet as an accused, the court in its order said it was taking cognisance of the case and issuing summons to all the seven accused, including him, for April 11.

Mittal was "prima facie" in "control of affairs" of his company Bharti Cellular Ltd (now Bharti Airtel) which was charged by the CBI, the court had said.

Meanwhile, an Essar Group spokesperson said, "We are consulting our legal experts and exploring all legal options and will in due course take up appropriate legal proceedings to challenge this order."

PTI

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