sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Auditing »
 Supreme Court puts the spotlight on audit firms
 Auditing to be less of a burden as accountants embrace AI
 CAG's report on GST will be totally paperless
 Time Limit For Completion Of Assessment From The Date Of Special Auditor’s Report Under Income Tax Act, 1961
 Provisioning pertaining to Fraud Accounts
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
 Cost Auditing Standards [ Cost Audit Documentation (102)] – Part-II
 Conference on Companies Act gets under way
 New bureau to dissolve state-run banks' power to choose auditors
 Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015
 ICAI forms 'prima facie' view on NSEL auditor

CAG ready to audit
December, 16th 2009

The Comptroller and Auditor General (CAG) is ready to audit Reliance Industries' expenditure in the D6 block of the Krishna-Godavari basin, the government said on Tuesday.

Jitin Prasada, minister of state for petroleum and natural gas, told Parliament on Tuesday the CAG is ready to examine Block KG DWN-983 (known as D6), awarded to RIL.

"The CAG would be in a position to commence the audit in respect of the D6 block from December 14," the minister said in a written reply in the Rajya Sabha.

CAG's audit of the production-sharing contract, which has been argued upon by counsel of the litigating brothers in the Supreme Court, would be for two years ended March 31, 2008, with access to records of previous years linked to transactions of these years.

RIL has expressed its willingness to provide all details and access to the records of the KG-D6 fields to facilitate the audit and has already provided most of the initial papers, Prasada said.

The move comes even as the Ambani brothers Mukesh, who leads RIL, and Anil, who leads RNRL, are locked in an intense litigation over price and supply of gas from the KG basin as agreed under their family MoU.

The minister's reply was in the negative to a question whether the RIL-RNRL dispute was creating problems in the extraction of gas from the Krishna-Godavari basin. "The extraction of gas and supply to consumers of gas is being done in accordance with the policies of the government," he said, adding that the oil ministry has asked the Supreme Court to protect the interests of the government and the country at large.

The minister's reply comes against the backdrop of the litigation in which RNRL argued that in a bid to make huge profits from the KG basin gas, RIL had hiked the capital expenditure from $2.4 billion to $8.8 billion.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions