Telenor ED notice to Uninor on FEMA violation

[Xen]

The Enforcement Directorate has issued a notice to telecom firm Uninor seeking a reply to a show cause it had issued earlier on alleged Foreign Exchange Management Act (FEMA) violations.

ED on July 5 wrote to Uninor saying the company had not replied to its earlier show cause notice on alleged FEMA violations and asked the company to file its replies within two weeks, sources privy to the development said.

Unitech Wireless, that operates under the Uninor brand, issued additional shares to Telenor Asia in ratio of 2:1 on October 1, 2010 but the same was allegdly informed to Reserve Bank of India after 66 days instead of 30 days as required under Indian laws.

ED notice to Uninor on FEMA violation - The Economic Times