The Institute of Chartered Accountants of India (ICAI) today said it had sought clarification from Reliance Anil Dhirubhai Ambani Group companies Reliance Natural Resources Ltd (RNRL) and Reliance Infra (R-Infra) on the issue of “misclassification” in their accounts as pointed out by the Securities and Exchange Board of India (Sebi).
“We have sought clarifications as to why this consent order has gone. If the consent order had not mentioned the accounts, we would not have sought clarifications,” ICAI President Amarjit Chopra said.
Last month, Sebi had passed a consent order, saying its probe had revealed that prima facie RNRL and R-Infra were responsible for misrepresenting the nature of investments in yield management certificates/deposits and profits and loss accounts thereof, in their annual reports for 2006-07, 2007-08 and 2008-09.
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