Etisalat's Indian unit could face a US$1.6 billion (Dh5.87bn) fine for alleged foreign exchange violations related to the sale of wireless permits. India's Enforcement Directorate, which has authority over foreign exchange fraud and money laundering, imposed the 70bn rupee fine on Etisalat DB Telecom India for various charges that it says violate the Foreign Exchange Management Act 1999, the Press Trust of India reported.
The penalty had been ordered for "suspected contravention" of foreign exchange rules inside and outside India by the company.
"Neither Etisalat nor Etisalat DB have received any official communication and is therefore unable to comment at this time. Etisalat … wishes to reiterate it always abides by the laws and regulations of the markets in which it invests," the company said. Etisalat owns 45 per cent of Etisalat DB.
Etisalat DB has been given 30 days to explain why the fine should not be levied on it, the agency said.
Etisalat acquired its stake in Swan Telecom, its Indian unit's former name, for $900 million in March 2009 in a deal that included management control.
The remaining 55 per cent is held by the Indian companies Dynamix Balwas Group and Genex Exim. The move by India's Enforcement Directorate is the latest blow to the company's Indian operations.
In December, it paid a $2.2m penalty to the Indian government for failing to launch second-generation mobile services on time.
Etisalat DB was also last year named in a government report that uncovered the sale in 2008 of cellular operating licences under a "first-come, first-served" process that netted the government 124bn rupees.
It is alleged that some licences were awarded to ineligible participants, which in turn are said to have sold their stakes at prices higher than what they had paid the government.
An auction might have netted the government as much as $39bn, according to some estimates.
The controversy forced Andimuthu Raja, India's telecommunications minister, to resign from his post, and prompted the arrest of Etisalat DB's vice chairman, Shahid Balwa, in February.
business@thenational.ae
Major honours
ARSENAL
BARCELONA
- La Liga - 2013
- Copa del Rey - 2012
- Fifa Club World Cup - 2011
CHELSEA
- Premier League - 2015, 2017
- FA Cup - 2018
- League Cup - 2015
SPAIN
- World Cup - 2010
- European Championship - 2008, 2012
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Army of the Dead
Director: Zack Snyder
Stars: Dave Bautista, Ella Purnell, Omari Hardwick, Ana de la Reguera
Three stars
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HEADLINE HERE
- I would recommend writing out the text in the body
- And then copy into this box
- It can be as long as you link
- But I recommend you use the bullet point function (see red square)
- Or try to keep the word count down
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- That's about it
Super 30
Produced: Sajid Nadiadwala and Phantom Productions
Directed: Vikas Bahl
Cast: Hrithik Roshan, Pankaj Tripathi, Aditya Srivastav, Mrinal Thakur
Rating: 3.5 /5
The specs
Engine 60kwh FWD
Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power 204hp Torque 360Nm
Price, base / as tested Dh174,500
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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