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    Default Airtel promoters did not violate takeover norms: Govt

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    Capital market regulator SEBI has found no violations of takeover norms by the promoters of telecom major Bharti Airtel during certain transactions that took place in 2007-2008, Parliament was informed on Tuesday.

    SEBI had probed the matter following complaints that certain promoter entities of Bharti Airtel had violated some provisions of takeover norms, Minister of State for Finance Namo Narain Meena informed the Rajya Sabha in a written reply.

    As part of its probe, SEBI had sought comments from the entities concerned and examined the responses received.

    “After examination and taking in to consideration relevant case laws, it was observed that the allegation do not stand established...” the minister said, while adding that the matter was closed in November 2012.

    The complaints related to alleged violation of SEBI norms for takeover and substantial acquisition of shares, when the promoter group shareholding of Bharti Airtel rose from 60.91 per cent to 67.03 per cent during the period from June, 2007 to September, 2008.
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