Telecom

Bharti Airtel says DGFT removed its name from Denied Entry List

Updated : January 31, 2020 01:01 PM IST

On January 28, CNBC-TV18 had reported that the DGFT had blacklisted Sunil Mittal's telecom firm and put the company on the denied entity list.

We are actively engaged with the authorities to complete the formalities and provide additional documents for the closure of the remaining cases, the company said.

Telecom major Bharti Airtel said that its name has been removed from Directorate General of Foreign Trade's (DGFT) Denied Entry List.

“We wish to clarify that the company has highlighted the relevant details and documents submitted to the DGFT and accordingly the name of the Company has now been removed from the 'Denied Entry List'. We are actively engaged with the authorities to complete the formalities and provide additional documents for the closure of the remaining cases," Bharti Airtel said in a statement on Friday.

Earlier on January 28, CNBC-TV18 had reported that the DGFT had blacklisted Sunil Mittal's telecom firm and put the company in the denied entity list.

Bharti Airtel was put on this list due to non-fulfilment of export obligations under the Export Promotion Capital Goods (EPCG) scheme, where the import of capital goods is allowed at zero customs duty.

The company, in a reply to exchanges on Wednesday, said that it is working towards an expeditious closure of this matter with the office of the DGFT and for getting the company's name removed from the DEL.

“It must also be noted that the said action does not limit the ability of the company to undertake future imports or exports,” it added.

At 10:35 am, shares of Bharti Airtel traded 0.21 percent lower at Rs 488.50 on the BSE.

Bharti Airtel says DGFT removed its name from Denied Entry List

You May Also Like

Americans should be prepared for 1-2 lakh death toll: White House

Hero MotoCorp faced with a challenge of liquidating 1.3 lakh BSIV units

Here’s a look at buzzing stocks for trade on April 1

Trending on CNBC-TV18

recommended for you