ADAG refuted any over reporting measures taken by it as claimed by an independent audit firm and said that the leakage of the findings of the report as well as the way the audit was handled smacked of a well thought media campaign against the firm by known Corporate rivals. Anil Ambani linked the issue to its upcoming IPO for Reliance Infratel.

The Chairman of ADAG said that a couple of years back when the IPO of Reliance Power was on cards, a similar campaign was unleashed against the Group.

He said that the issues raised are baseless allegations. “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, the alleged report/findings have not even been discussed by the special auditors with RCOM till date – even though they have been conducting the audit for the past more than 6 months,” said Anil Ambani.

“In addition, the special auditors, apparently at the instance of our corporate rivals have far exceeded their terms of reference and recorded unwarranted and completely incorrect findings on matters beyond the scope of their audit, thereby again demonstrating their bias and prejudice,” he added.

The Chairman claimed that critics of the company were ignoring the fact that the revenue figures “have been reported by the company, RCOM itself in its filings with (a) the stock exchanges (b) DoT and (c) TRAI from quarter to quarter, over the last many years, and this is not something that has been “discovered,’ as made out by a section of the media, by the special auditors.”

He said that the company will file a formal complaint with SEBI, cyber crime cell and ICAI over this issue.