Reliance Communications caused Rs 250cr loss: Telecom Minister
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Loading ...Anil Ambani-controlled Reliance Communications (RCOM) found itself defending charges of financial wrongdoing on Monday, after the government said it had caused losses of around Rs 250 crore to the exchequer by under-reporting revenues. Telecom minister A Raja told Parliament that RCOM, India’s second-largest mobile operator, had under-reported revenues by up to Rs 1,500 crore to sector regulator Trai for the years 2006-07 and 2007-08, and the department of telecom (DoT) was examining the issue.
“There was an under-reporting of Rs 1,000 crore to Rs 1,500 crore by RCOM to avoid payment of licence fees and the government may have lost about Rs 250 crore due to this,” Mr Raja told the Lok Sabha during question hour. The minister’s statement was based on a recent report by a special auditor appointed by the communications ministry. RCOM, whose scrip fell 1.7% to Rs 175.90 on Monday, vehemently denied the allegations.
[Via: unwireindia]
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