Singapore’s telecom major SingTel stands beside Bharti Airtel by stating it has full faith in the company’s corporate governance standards under the leadership of Sunil Mittal. Singtel holds about 32 per cent stake in Bharti Airtel.
On Tuesday, a special CBI court summoned present and former top honchos of the telecom industry, including Bharti Airtel Chairman and Managing Director Sunil Mittal, for their alleged involvement in additional spectrum allocation in 2002.
The court ordered Mittal to appear before it on April 11, 2013.
“We are confident that Bharti Airtel and Mittal have always upheld and practised the highest standards of corporate governance in all aspects of the company’s operations, including the acquisition of spectrum. We trust that due legal process in India will prevail and are confident that Bharti Airtel and Mittal will be vindicated before the courts,” SingTel said in a statement on Wednesday.
The court summons are in relation to additional spectrum awarded in 2002/2003 as per the policy of the Indian Government. The Indian Government has in fact stated both on the floor of Parliament and by affidavit in the court that the spectrum allocated was as per their policies, it added.