RComm falls 4% as govt plans special audit
Shares of Reliance Communications were under pressure after reports that the government was planning a special audit on the company and its subsidiaries.
By ET Bureau |
MUMBAI: Shares of Reliance Communications were under pressure after reports that the government was planning a special audit on the company and its subsidiaries.
The government said RBI was inquiring into the observations made by the statutory auditors of the company about the utilisation of funds raised through external commercial borrowing.
Parakh & Co. have been selected as auditor to carry out the special audit of Reliance Communications, Reliance Telecom and Reliance Communications Infrastructure Ltd. for the year 2006-07 and 2007-08. The special auditor will verify whether there is any evasion of license fees.
At 12:45 pm, the company's shares were down 3.84 per cent at Rs 156.45 on the BSE.
The government said RBI was inquiring into the observations made by the statutory auditors of the company about the utilisation of funds raised through external commercial borrowing.
Parakh & Co. have been selected as auditor to carry out the special audit of Reliance Communications, Reliance Telecom and Reliance Communications Infrastructure Ltd. for the year 2006-07 and 2007-08. The special auditor will verify whether there is any evasion of license fees.
At 12:45 pm, the company's shares were down 3.84 per cent at Rs 156.45 on the BSE.
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