Cag And Ril

• 

  Isha Ambani, Ex CAG Rajiv Mehrishi Appointed Directors On RIL's Financial Services Unit

  Billionaire Mukesh Ambnai's daughter Isha and former CAG Rajiv Mehrishi are among the directors appointed on the board of demerged financial services unit of Reliance Industries Ltd, the company said on Saturday.

• 

  Government's Auditor Red-Flags $1.6 Billion Excess Cost Recovery By Reliance Industries

  The Comptroller and Auditor General of India (CAG) has red-flagged $1.6 billion of excess cost recovered by Reliance Industries Ltd (RIL) in the KG-D6 gas block. The government's auditor also took note of state-owned ONGC's gas flowing into the eastern offshore fields of billionaire Mukesh Ambani-led RIL.

• 

  Government Examining CAG Report on Irregularities in ONGC

  The Comptroller and Auditor General (CAG) had in September 2012, stated that Oil and Natural Gas Corp (ONGC) "deviated from the standard tendering procedure and hired a rig viz Dhirubhai Deepwater KG-1 (DDKG-1) from RIL without calling for competitive bids for a period of four years on untenable grounds".

• National Auditor Not Factoring Project Delays if Decision Not Taken: Reliance Industries

  Reliance Industries has contested the Comptroller and Auditor General's draft observations on some payments the company made to contractors of KG-D6 fields, saying the auditor had not considered the contract requirement of factoring consequences of delays in procurement of goods and services on the project.

• National Auditor Used Hindsight to Question Decision: Reliance Industries

  Reliance Industries Ltd (RIL) has accused the Comptroller and Auditor General (CAG) of exceeding its brief in the audit of spending on the eastern offshore KG-D6 block saying hindsight is being used to question operational decisions taken 8 years ago.

• National Auditor Comment on Gas Price Part of Draft Report: Reliance Industries

  Reliance Industries Ltd (RIL) on Saturday said the Comptroller and Auditory General (CAG) comment that the Mukesh Ambani-led company charged a rate in excess of the government approved price for its KG-D6 gas is part of a draft report which has not yet been finalised.

• Reliance Industries Charged More Than Approved Gas Price: CAG

  The Comptroller and Auditor General of India (CAG) has pulled up Reliance Industries Ltd (RIL) for charging a rate in excess of the government-approved price for its KG-D6 gas field and not including the marketing margin for calculating royalties and government's share.

• CAG Slams Oil Ministry for Poor Monitoring of Reliance Industries' KG-D6 Block: Report

  The Comptroller and Auditor General of India (CAG) has slammed Oil Ministry and its technical arm Directorate General of Hydrocarbons (DGH) for not exercising enough control and vigil over Reliance Industries' KG-D6 block, which led to losses of several hundred millions of dollars to the exchequer.

• RIL discoveries approved without appraisal: CAG

  RIL had found gas in the Dhirubhai-1 and 3 wells in October 2002 and were declared commercially viable finds between April 2003 and March 2004. It in May 2004 claimed the finds to hold 8.3 trillion cubic feet of inplace gas reserves, the CAG said in a draft audit report of KG-D6 block.

• Oil Ministry asks Reliance Industries to provide records for CAG audit

  With the Comptroller & Auditor General of India (CAG) alleging that Reliance Industries Ltd (RIL) was delaying furnishing of records for audit, the Oil Ministry has ordered the Mukesh Ambani-run firm to provide records "as early as possible".

• Oil Minister hints of relief to Reliance Industries on KG-D6 relinquishment issue

  In a relief to Reliance Industries Ltd (RIL), Oil Minister M Veerappa Moily has indicated that he may not fully accept Directorate General of Hydrocarbons recommendation for taking away 86 per cent of the company's KG-D6 gas block area.

• Government regulator to check propriety of RIL spending on KG-D6: Oil Ministry

  As the Comptroller and Auditor General of India (CAG) gets ready to resume audit of Reliance Industries' spending on KG-D6 gas block, the oil ministry has set rules of engagement for the scrutiny saying the auditor will examine propriety of expenses as has been set out in the Production Sharing Contract (PSC).

• Reliance Industries agrees to CAG audit: Oil Secretary

  Reliance Industries has agreed to a Comptroller and Auditor General (CAG) audit of its pending on KG-D6 fields and issues over scope and extent of its scrutiny have been resolved, Oil Secretary Vivek Rae today said.

• CAG to restart KG-D6 audit this month: Oil Secretary

  The Comptroller and Auditor General (CAG) is likely to resume audit of Reliance Industries' spending on the KG-D6 gas block as issues over scope of the scrutiny are "more or less resolved", Oil Secretary Vivek Rae said on Tuesday.

• CAG likely to restart KG-D6 audit by next month: Oil Secretary

  The CAG last month suspended the audit of spending on the flagging KG-D6 block following differences with RIL over scope and extent of the scrutiny.