The Enforcement Directorate (ED) has issued a notice to Aircel for alleged contraventions of foreign exchange rules in connection with the 2G spectrum issue.
The Directorate has asked the firm to explain a number of policy decisions, which are suspected to have violated the 74 per cent Foreign Direct Investment (FDI) cap rules laid down by the Foreign Investment Promotion Board (FIPB).
It is believed that the notice has been issued under the provisions of the Foreign Exchange Management Act (FEMA). Further, the notice is believed to be based on the Central Bureau of Investigation?s (CBI) and ED?s investigation of the alleged unfair and corrupt practices during the Maxis Group?s takeover of Aircel.
