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The move extends the control of RCOM for a firm of auditors appointed govt's report pointed to differences

The leading organization the accountants, the Institute of Chartered Accountants of India, or ICAI has said that it is the investigation Reliance Communications Ltd (RCOM) accounts, the expansion of control over the second-largest mobile phone companies according to a report by the Government appointed Auditors pointed to discrepancies.

Jaipur-based Parakh & Co., an audit firm by the Department of Telecommunications (DoT) appointed to look at the telco's books, presented their audit report that alleged that Anil Ambani controls the RCOM had underpaid license and spectrum fees to the government amounting to around Rs316 crore. The audit firm's report claimed that there is a difference of Rs2, 915 crore reported in the revenue RCOM by the telecom regulator on the basis of which the license and spectrum fees will be charged to the government, and that reported on the stock exchanges, the exchanges will be given a higher value.

In a letter to 14th October ICAI, member of the European Parliament Dharampal Sabharwal had claimed that fudging "of the accounts" in RCOM "would not have taken without the knowledge / information and the active complicity of the Auditor "BSR and Co. a firm of auditors that part of the KPMG audit Chaturvedi and Mumbai-based Shah and Co. In response to this letter, a ICAI weeks later, said, "… in that case is it already in terms of Chartered Accountants in progress) (Amendment Act, 2006, and rules framed obligations ".

A senior official confirmed ICAI. "The institute (ICAI) follows two routes to investigate the cases, formal and information purposes only. Since there is no formal complaint against RCOM, we have an action through information route and that means we are investigating this matter to the available Information based ICAI launched, "added the official, who spoke on condition of anonymity." At this stage we can not reveal how far, the investigation has been completed. "

RCOM, the 92 million subscribers, did not react seek comment on an e-mail. Chaturvedi calls to the Shah and Co. and two partners of the company's efforts to not trigger an immediate response. KPMG declined comment.

In a statement the 25 had October, RCOM said that it expects "no additional financial liability or a spectrum license fee (ie) special auditor's report estimates the alleged additional liability of Rs316 crore is wrong, hopelessly biased, one sided and biased ".

DoT still have to answer a call on the report by Parakh and Co. similar reports on other telecom companies are expected to take, but RCOM is already subjected to censorship by analysts, as it battles falling wireless revenue and erode a stiff tariff war, that the margins.

In a report of the 27th October, wrote Citigroup analyst Rahul Singh, Gaurav Malhotra and Anand Ramachandran, that if the audit report is correct, it may "" have brought true, 'mobile ARPU (average Revenue per user) and EBITDA (earnings before interest, taxes, depreciation and amortization is a measure of operating profit) is 15% and 26% in FY08. "

The Citi report the RCOM bills for 2008-09 and the first quarterly review of the current fiscal, said the divergence between revenues to the Telecom Regulatory Authority of India reported, and the exchanges have expanded significantly. The difference increased from Rs2, 570 crore (17%) in FY08 to RS4, 360 crore (25%) in FY09 and to an "alarming" Rs1, 740 crore (36%) in the first quarter of FY10, it said.

Source: Live Mint

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