Anil Ambani sees 'vicious campaign' at work

15 Oct 2009

1

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."

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