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Corporate Jul 19, 2013

RIL in trouble ahead of Q1 results: CAG wants Oil min to intervene in audit

By Firstbiz Staff

The Comptroller and Auditor General (CAG) has complained to the petroleum ministry, charging Mukesh Ambani owned Reliance Industries Limited (RIL) of stalling the audit exercise.

The CAG has once again written to the Petroleum Secretary, Vivek Rae, charging that RILhas not furnished financial statements and records, and complaining of its failure to provide full access to the SAP for verification of charges and credits in high value contracts and purchase orders for the KG D6 block.

Reuters

Reuters

Last year, the auditor had written to the ministry seeking its intervention whenRILrefused to submit to a financial audit.

The government had then put on hold all expansion plan at the KG D-6 till RIL agreed to provide all required documents to CAG.

In a letter dated 3 July, the auditor has asked the petroleum ministry to ensure that the developer shares all those information that have been sought by itsteam, reported Times of India. RIL will announce its first quarter results today.

Analysts on an average expect RIL to post profit of anything between Rs 5,500- 6,000 crore on revenues of Rs 92,000 crore. The firm had posted Rs 44730 crore profit on revenues of Rs 918750 crore in the year-ago period.

Disclosure: The Reliance Group has funded the promoter of Network18, which publishes Firstpost

by Firstbiz Staff

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