India’s Department of Telecommunication had ordered a special financial audit into the books of some telecom operators including RCom, Bharti Airtel, Tata Teleservices, Vodafone Essar and Idea Cellular. This audit was conducted in May this year and the findings for RCom are out.
Parekh and Co., the official auditors appointed by the government, submitted an audit report to the DoT yesterday whose findings state that for the FY’08 actual wireless revenue earned by the company was only Rs 12,298 crore as against Rs 15,213 crore reported to the shareholders, which is an over reporting of Rs 2,915 crore. It also found that RCom evaded licence fee and spectrum fee to the tune of Rs 315 crore. [Read more...]