Loop submits shareholder structure to DoT

7 May 2009

Indian cellco Loop Telecom has said that it is in full compliance with licensing norms, and has submitted its shareholding structure to the Department of Telecommunications (DoT), Business Standard reports. Loop has reiterated its claim that the Essar Group holds less than a 10% stake in it. The cellco made the submission after the Ministry of Corporate Affairs called on the DoT to examine the operator’s shareholder structure following financial transactions between the holding companies of Loop Telecom and the Essar Group that could have enabled the Essar Group to gain equity control in Loop and therefore result in a violation of licensing guidelines.

India, Loop Mobile