Mergers & Acquisitions

India's Reliance Capital calls auditor's observations 'baseless and unjustified'

Credit: REUTERS/MAXIM SHEMETOV

Reliance Capital Ltd said on Thursday the observations of PricewaterhouseCoopers (PwC) about its fiscal accounts were "completely baseless and unjustified", a day after the auditor withdrew from assessing the shadow bank's fiscal year 2018/19 accounts.

BENGALURU, June 13 (Reuters) - Reliance Capital Ltd RLCP.NS said on Thursday the observations of PricewaterhouseCoopers (PwC) about its fiscal accounts were "completely baseless and unjustified", a day after the auditor withdrew from assessing the shadow bank's fiscal year 2018/19 accounts.

In a letter to Reliance Capital, PwC said it felt compelled to withdraw from the audit of the company's fiscal year 2018/19 accounts after not receiving "satisfactory response" to its queries on certain observations in its assessment, Reliance Capital said in a statement on Wednesday.

(Reporting by Derek Francis in Bengaluru; Editing by Subhranshu Sahu)

((derek.francis@thomsonreuters.com; +91-9986311363; Tweet to @derekfrancis089 LinkedIn: https://www.linkedin.com/in/derek-francis/;))

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