ADAG shares rebound after firm clarifies

Written by fe Bureau | Mumbai | Updated: Feb 12 2011, 04:58am hrs
Shares of Anil Ambani group firms bounced back on Thursday after the management clarified that Reliance Infra had not received any queries from the Institute of Chartered Accountants (ICAI) on its accounts for any year.

ICAI has simply asked for copies of audited balance sheets which are already in the public domain and have been circulated to over 1.5 million shareholders, Gautam Doshi, group MD at Reliance ADAG said. He said ICAI had also desired to know why Reliance Infra has chosen to implement a policy of rotation of statutory auditors and said it had been explained to ICAI that this policy was voluntarily adopted. The auditors to Reliance Infra, he said, had not received any queries from ICAI in this matter.

He said the proceeds of the certificates/deposits referred to in the Sebi consent order dated January 14, 2011 have been repatriated back to India by Reliance Infrastructure in 2007-2008. While Reliance Comm gained 1.8%, Reliance Infra was up 9.5% over Wednesdays closing. Reliance Power closed marginally in the red. On Wednesday, ADAG stocks crashed amid reports that ICAI had asked the groups auditors to furnish accounts of Reliance Infra and Reliance Power.