Stung Anil sees rivals` hand in audit report leak

Last Updated: Thursday, October 15, 2009 - 17:45

New Delhi: Hit hard by allegations that RCom
inflated revenues and evaded licence fees, its chief Anil
Ambani on Thursday questioned the integrity of special auditors and
said that rivals were behind the "vicious campaign" to hammer
down share prices of his group companies.

He announced that he would approach the authorities,
including market regulator Sebi, cyber crime police and
accounting regulator ICAI against those involved in the
campaign that is aimed to creating panic and loss of
confidence among the group`s 1.1 crore shareholders.

Ambani made a public statement within days of what he
called leakage of a report by a government-appointed auditor
that alleged overstatement of revenues by about Rs 3,000 crore
and evasion of over Rs 300 crore in licence fee by RCom.

He said he would take up with the Telecom Ministry and
others the issues raised in the special audit report, adding
that if "there are any legitimate dues found payable towards
licence fee, RCom shall naturally make payment of the same."

He alleged that "the special auditors, apparently at the
instance of our corporate rivals, have far exceeded their
terms of reference and recorded unwarranted and completely
incorrect findings on matters beyond the scope of their audit,
thereby again demonstrating their bias and prejudice."

RCom shares have fallen eight per cent in the last three
days and 28 per cent in October to close at Rs 229.20 today.

He regretted that "over the past few days, a vicious and
malafide campaign of falsehoods" has been conducted against
the Group.

Bureau Report

First Published: Thursday, October 15, 2009 - 17:45

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