Reliance softens stance over proposed CAG audit: Sources

Reliance Industries (RIL) which was until now not in favour of the Comptroller Auditor General (CAG) carrying out an audit of its KG-D6 basin, has now softened its stance, exclusive sources told CNBC-TV18.
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Nov 20, 2012, 08.11 PM | Source: CNBC-TV18

Reliance softens stance over proposed CAG audit: Sources

Reliance Industries (RIL) which was until now not in favour of the Comptroller Auditor General (CAG) carrying out an audit of its KG-D6 basin, has now softened its stance, exclusive sources told CNBC-TV18.

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Reliance softens stance over proposed CAG audit: Sources

Reliance Industries (RIL) which was until now not in favour of the Comptroller Auditor General (CAG) carrying out an audit of its KG-D6 basin, has now softened its stance, exclusive sources told CNBC-TV18.

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Reliance Industries (RIL) which was until now not in favour of the Comptroller Auditor General (CAG) carrying out an audit of its  KG-D6 basin, has now softened its stance, exclusive sources told CNBC-TV18.

RIL has agreed to let the CAG audit on KG-D6 for four years starting FY09 by which the company will get all formal approvals for further investments.

It is also learnt that the company has taken a stand after the CAG issued a letter to the oil ministry, asking it to not approve any further investments in RIL's KG-D6 basin.

In addition, the ministry has also withdrawn the EGoM note issued earlier which was against hiking KG-D6 gas prices. Government sources have said that the issues with RIL over CAG audit will be resolved in a day of two. RIL has agreed to meet CAG's demand and the audit won’t be time barred in FY11 and FY12.

RIL had recently written to the oil ministry saying it was open to financial audit of its spending on the field, which has seen production drop by over 50 per cent, but emphasized that CAG did not have powers to audit a private company.

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