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Our Bureau

New Delhi, Aug. 9 The Serious Fraud Investigating Office has asked the Ministry of Corporate Affairs to investigate allegations of violation of licence conditions against Loop Telecom.

This is based on a complaint from an NGO which said that two companies, Aidtel and Indtel, which have stake in Loop Telecom, have not disclosed the nationality of their owners.

Loop Telecom, which is already facing a probe by the Ministry of Corporate Affairs, has refuted these allegations.

“The entire shareholding structure of Loop Telecom, including the beneficial ownership of the two companies, has already been provided to DoT together with the certification from the auditors that the shareholding pattern is within the DoT guidelines,” said a spokesperson of Loop Telecom.

The Ministry is already investigating whether the Ruias promoted Essar Group hasmore than 10 per cent stake in Loop Telecom.

Allegations have been made that the Essar Group may be violating the cross holding norms since it also has equity stake in Vodafone Essar.

More Stories on : Telecommunications | Regulatory Bodies & Rulings

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