Mr.Anil Ambani was back in media again to clarify his stand on RCOM issue where he mentioned about RELIANCE INFRATEL IPO sentiment getting hammered similar words has been used for R.POWER IPO which is one of the highest erosion in IPO till now in 3years, Market crashed after R-Power IPO and it was a Global event and now all TELECOM stocks have corrected.
Blame Game will never benefit and by constant media blizz more damage is done to ADAG shareholder Mr.Anil Ambani
Market which gave thumbs-up this week for Ambani brothers on likely comprise……….will the Gains hold as Market heads for festive long weekend….. Happy Diwali
Thursday, Oct 15
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--Media reports against ADAG mischievous in intent
--Reports against ADAG at behest of corporate rivals
--No discrepancy in Reliance Communications' accounts
--Reliance Comm compliant with all regulatory norms
--Reliance Comm committed to paying legitimate dues
--Sought SEBI probe into recent hammering of ADAG shares
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MUMBAI - Reliance Communications Ltd Chairman Anil Ambani today lambasted media reports that suggested irregularities in the company's revenue reporting, saying they were "stage-managed by known corporate rivals" to create panic, loss of confidence, and to cause huge losses to shareholders.
According to media reports, special auditors have detected anomalies in Reliance Communications' reporting of revenues. "All of you from the national media are fully aware of the hands of our known corporate rivals behind these nefarious activities... All these events are being stage-managed and blown out of proportion by our known corporate rivals, at a time when there are important developments concerning our Group," Ambani told the media in a conference call.
Reliance Communications plans to discuss issues raised in the special audit with the Department of Telecommunications and other authorities and will make all payments if any legitimate dues are found towards licence fee. Ambani said these events follow a trend of cropping up when there are major developments concerning the group, like this time it comes just after it filed papers for Reliance Infratel's initial public offering and a week before the hearing of Reliance Natural Resources Ltd case against Reliance Industries Ltd in the Supreme Court.
Ambani alleged that these "rivals" resorted to circulation of e-mails from false identifications, distribution of papers in unsigned and unmarked envelopes, and spread of "false and vicious rumours".
The Reliance-Anil Dhirubhai Ambani Group's telecom company is being probed by DoT for alleged under-reporting of revenues to reduce licence and spectrum fee outgo.
In January, DoT had appointed Jaipur-based Parakh and Co to conduct a special audit of the company's books and examine the "gap" between revenue from wireless services that Reliance Communications reported in 2007-08 (Apr-Mar). DoT is also probing the accounts of other telecom operators, Bharti Airtel, Vodafone, Tata Teleservices, and Idea Cellular for similar violations.
Denying any irregularity or discrepancy in Reliance Communications accounts, Ambani said they were duly audited by reputed statutory auditors and alleged that any conclusion arrived at by the special auditors, as reported by the media, are completely unilateral, biased, and prejudiced.
"I must straightaway point out that whatever alleged remarks the special auditor has arrived at are completely unilateral, biased and prejudiced, because, contrary to basic standards of professional conduct, and against all auditing norms and practices," he said adding that the report or findings have not even been discussed by the special auditors with Reliance Communications.
Ambani also alleged that the special auditors have far exceeded their terms of reference and recorded "unwarranted and unnecessary" as well as "completely incorrect findings" on matters beyond the scope of their audit, "apparently at the instance of our corporate rivals".
He claimed that Reliance Communications has followed all norms with regards to its accounts, which were done in line with telecom, and general industry practice and the company complied with Securities and Exchange Board of India's disclosure guidelines, listing guidelines of the exchanges.
The group will, meanwhile, lodge a formal complaint with SEBI to probe the hammering of group stocks over the last several days. It will also lodge a complaint with the cyber crime police authorities to investigate the dissemination of false and malicious mails against the group from bogus e-mail IDs as well as take up the conduct and action of the special auditors with Institute of Chartered Accountants of India.
Watch this space for Diwali Picks......
