Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

Reliance Capital Ltd updates on PWC resignation as statutory auditor

Posted On: 2019-06-13 14:22:08

A Reliance Capital spokesperson, commenting on PWC's resignation as statutory auditor, stated:

- PWC's observations are completely baseless and unjustified

- PWC has acted prematurely without even statutory discussions with the Audit Committee

- Reliance Capital's continuing auditor has been mandated by the Audit Committee to submit its independent report on PWC's observations within 15 days

- There is no question of 'diversion'; zero loans and / or liquidity have been provided by any lender in the PWC audit period

- Reliance Capital is by law required to fund only group entities, being a Core Investment Company (CIC)

- All resources have been utilised purely to support group debt servicing of Rs 35,000 crore in past 14 months

- Reliance Capital is confident the independent report of the continuing auditor will establish that there are no irregularities.

The following is Reliance Capital's statement on the matter which was intimated to the stock exchanges on June 11, 2019: "The Company does not agree with the reasons given by PWC for the resignation. The Company has duly responded to the various queries and letters of PWC and has also duly and validly convened a meeting of the Audit Committee on June 12, 2019 to further respond to the letter dated May 14, 2019 from PWC. The Company expected PWC to have participated in the meeting of the Audit Committee and not resigned on the eve thereof. The Company has also duly furnished all requisite and satisfactory details as required by PWC, especially including certification and confirmations of the transactions in question on multiple occasions by PWC themselves. As regards legal proceedings, the Company had clearly stated that the same would be initiated only if so legally advised, that too if required to protect the interests of all stakeholders, and it is hard to see how PWC has taken exception to this approach.

Shares of RELIANCE CAPITAL LTD. was last trading in BSE at Rs.87.5 as compared to the previous close of Rs. 93.9. The total number of shares traded during the day was 3812728 in over 20511 trades.

The stock hit an intraday high of Rs. 93.4 and intraday low of 85.6. The net turnover during the day was Rs. 342876280.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Mindtree Ltd appoints Mr. Prasanna Rangacharya Mysore as Independent Director

RNAM to provide advisory services to Australian investors

Vadilal Industries Ltd announces resignation of two independent directors

Mindtree Ltd appoints Mr. Ramamurthi Shankar Raman as Non-Executive Director

Confidence Petroleum India Ltd to consider allotment of warrants

Balaji Telefilms inks deal for rights of 4 upcoming movies

INEOS Styrolution India Ltd updates on ratings

Vadilal Enterprises Ltd announces resignation of Mr. Jignesh Shah

AU Small Finance Bank Ltd board approves proposal to raise Rs. 500 crore

Mindtree Ltd appoints Mr. Jayant Damodar Patil as Non-Executive Director

Wipro Launches Pivotal Software Center of Excellence in Dallas, Texas

Bombay Dyeing & Manufacturing Company Ltd announces resignation of Chief Financial Officer

Magma Wins 'Best NBFC of the Year' at India Banking Summit & Awards 2019

Everest Group PEAK Matrix™ recognizes Wipro as a Leader in 2019 Healthcare Payer Digital Services

Mindtree Ltd appoints Mr. Sekharipuram Narayanan Subrahmanyan as Non-Executive Director

Hindustan Aeronautics Ltd board to consider final dividend on June 28, 2019

TCS Wins 2019 Pega Partner Award for Excellence in Digital Transformation

Federal Bank Ltd allots 1000 Basel III compliant bonds

Wipro Gallagher Solutions Releases NetOxygen Launchpad 3.0

3i Infotech Ltd board to consider Q1 results on July 12, 2019

Kewal Kiran Clothing Ltd board declares 1st interim dividend of Rs. 11

Promoters consolidate their holding in Man Industries

APM Industries Ltd board recommends dividend of Rs. 0.50

CRISIL reaffirms ratings of APL Apollo Tubes Ltd

NTPC Wins 160 MW Solar Capacities in SECI's Rajasthan Tranche-II, 750MW Tender

Mindtree Recognized for its Digital Excellence by ISG

Datiware Maritime Infra Ltd receives Rs. 15 crores order from Indian Navy

Megastar Foods Ltd to acquire Megapacific Ventures Pvt Ltd

PSP Projects Ltd awarded projects of Rs. 601.40 crores

3i Infotech Ltd forms subsidiary in Nigeria

Jagran Prakashan Ltd issues commercial paper of Rs. 65 crores

Adani Green Energy Ltd receives LOA for 130 MW Wind Power Project From SECI

Sangam Renewables Ltd appoints Ms. Anita Jaiswal as woman director

IL&FS Engineering Services receives approval for restart of the Road Project with MoRTH

Town of Florence and Subex establish IoT security lab in collaboration

8K MILES SOFTWARE SERVICES LTD calls for board meeting on June 28, 2019

PSP Projects Ltd bags new work orders worth Rs. 607.04 crores

Manappuram Finance Ltd completes acquisition of 92.6% in Manappuram Comptech & Consultants Ltd

CARE reaffirms rating of PNC Bundelkhand Highways Pvt Ltd

The Ramco Cements Ltd bags awards

Pricol Ltd to hive off overseas subsidiaries

Glenmark Pharmaceuticals receives tentative ANDA approval for Clindamycin Phosphate Foam, 1%

PNB board approves raising Rs. 1500 crore through Basel III compliant Tier II bonds

BEML donates for cyclone 'Fani' relief work, Odisha

TAAL Enterprises Ltd calls for board meeting on June 24, 2019

Newgen Makes its OmniFlow iBPS Platform More Intelligent with Process Insights

HDFC Limited to acquire Apollo Hospitals Group's shares in Apollo Munich and to merge with HDFC ERGO

TCS Retains Position as America's Most Community-Minded Information Technology Company

Bombay Cycle & Motor Agency Ltd Board to consider Bonus Issue on June 22, 2019

IndusInd Bank Ltd announces record date for issue of shares to BFIL shareholders







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019