We are open to audit by any govt agency, says Reliance | business | Hindustan Times
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We are open to audit by any govt agency, says Reliance

business Updated: Nov 04, 2012 01:27 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Mukesh Ambani's Reliance Industries (RIL) on Saturday said it has at no time contested the government's right to conduct an audit by any agency, including the CAG, as long as scrutiny is done under Section 1.9 of the Accounting Procedure of the Production Sharing Contract (PSC) for the KG-D6 block.

The Comptroller and Auditor General (CAG) on Friday had made it clear that its audit of RIL-operated Krishna-Godavari (KG) oil and gas block off Andhra Pradesh coast has to be a performance audit and not just a financial one.

"At all times RIL has fully co-operated with any auditor appointed by the government including in several cases where the government had already exercised its audit rights earlier or where such audit was beyond the period stipulated in the PSC," RIL said in its statement a day after CAG objected to petroleum ministry agreeing to RIL's conditions to restrict the audit to that of a financial audit of accounts in connection with gas production from KG-D6 block.

"We appreciate the fact that the CAG is in agreement that it does not conduct performance audit of private operators and expect that no such performance related audit issues applicable to the government will be applied to any such audit," RIL added.