Anil Ambani sees 'vicious campaign' at work
15 Oct 2009
Anil Ambani, chairman of the Anil Dhirubhai Ambani Group (ADAG), has denied "allegations" of his group company Reliance Communication misrepresenting its revenue, CNBC TV-18 said in a report.
Ambani said the Department of Telecom (DoT) has not yet presented a copy of its special audit to Reliance Communication, but some corporate rivals had intentionally leaked excerpts from the report to the media.
Earlier this year, the government had ordered a special audit of five telecom companies, including Reliance Communication, Bharti Airtel and Vodafone. (See: RComm's books to be scrutinised by DoT-appointed auditor)
Recent media reports had stated that the DoT's audit had found Reliance Communication misrepresenting its revenue by as much as Rs2,900 crore.
"It's a matter of regret that a vicious campaign has been launched against ADAG. The campaign has been unleashed to batter stocks of our companies and to de-rail the forthcoming Reliance Infratel IPO," Ambani said in a conference call.
Reliance Communication's accounting practices were in line with relevant standards, Ambani stated, and charged the special audit of being "completely unilateral, biased and prejudiced."