Anil Ambani sees rivals' hand in audit report leak | business | Hindustan Times
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Anil Ambani sees rivals' hand in audit report leak

business Updated: Oct 16, 2009 01:23 IST

Facing allegations that RCom inflated revenues and evaded licence fees, Anil Ambani on Thursday debunked a special audit report and charged rivals with fanning a "vicious campaign" to hurt his group companies.

With RCom shares plunging sharply after "leakage" of the special audit report that allegedly found overstatement of revenues by about Rs 3,000 crore and evasion of over Rs 300 crore in licence fee, he announced that he would approach the authorities against those involved in the campaign.

In a public statement, Ambani said he would ask market regulator Sebi, cyber crime police and accounting regulator ICAI to probe the matter, which he claimed was aimed at creating panic and loss of confidence among the group's 1.1 crore shareholders.

He said he would also 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..."

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 on Thursday.