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Audit report of RCOM completes preliminary review
October, 26th 2009

Special Auditors report estimating alleged additional liability of Rs. 3.16bn is incorrect, hopelessly biased, one-sided and prejudiced.

Reliance Communications strongly affirms that it anticipates NO additional financial liability towards licence or spectrum fee 

Special Auditors report estimating alleged additional liability of Rs. 3.16bn is incorrect, hopelessly biased, one-sided and prejudiced

An amount of Rs. 1.6bn, representing over 50% of the alleged additional liability  of Rs3.16bn is blatantly incorrect as TDSAT and CESTAT have already passed judgements on those issues in RCOMs favour.

The above issues accounting for alleged additional liability of Rs1.6bn, are in fact industry issues and impact all telecom operators, some in even larger quantum. 

Findings on the other issues and alleged liability thereon totally incorrect / based on bias and prejudice, contrary to DoTs decisions.

Special Auditor has arrived at adverse findings  without seeking any response on facts and law from RCOM.

Special Auditor has also finalised report without any discussions  with RCOMs Statutory Auditors.

RCOMs financial accounts and disclosures are in full conformity with Companies Act, 1956, and relevant stock exchange and SEBI guidelines

Special Audit has not brought out any new item of revenue / difference compared to figures reported by RCOM itself in its quarterly disclosures to the Stock Exchanges, DoT and TRAI.

Special Audit Report has no finding on alleged inflation of revenue by RCOM as wrongly reported in a section of the Media.

Advance and selective leakage of extracts from Special Audit Report to media  reflects conspiracy with corporate rivals to malign RCOMs image and reputation.


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