The Department of Telecom (DoT) has decided to do a special audit of Reliance Communications' (RCom) telecom licence companies.
In a significant development, the Supreme Court on Tuesday sought responses from the Centre, CBI, ED, Anil Ambani and the Anil Dhirubhai Ambani Group (ADAG) on a PIL seeking a court-monitored probe into alleged massive banking and corporate fraud involving the ADAG and its group companies.
A special audit of Anil Ambani group firm Reliance Communications will be delayed, as the auditor Parakh & Co. has sought an extension for three months from mid-July.
Accounting regulator ICAI on Wednesday said it has asked Reliance Communication, which is under attack for alleged overstating of revenues and evasion of licence fee, to provide financial details before it can initiate action against the teleco's auditors.
There was an under reporting of Rs 1000 crore (Rs 10 billion) to Rs 1500 crore (Rs 15 billion) by the telecom firms, to avoid payment of licence fee, and the government may have lost about Rs 250 crore (Rs 2.5 billion) because of this, telecom minister A Raja said during Question Hour.
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