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Clean audit boosts
March, 18th 2010

Idea Cellular has moved ahead as the government-appointed special auditors found no major accounting discrepancy in its balance-sheet. The stock is trading at Rs 65, higher by Rs 1 or 2.1%, on the BSE.

According to sources, the auditors did not find any major diversion of revenues that may have led to lower Adjusted Gross Revenue (AGR), which is the basis for arriving at licence and spectrum fee liability. One however needs to note that the auditors did not have the full details to assess additional liability.

The total impact of licence fee and spectrum fee on the revised AGR was slightly above Rs 74 crore. Of this, a total of Rs 48 crore becomes non-payable as per a TDSAT judgement. This leaves a liability of Rs 26 crore.

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