Reliance Industries defends itself in the wake of CAG report

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Reliance Industries defends itself
Reliance Industries has issued a statement defending itself agaist the final report of the Comptroller and Auditor General of India (CAG), that was tabled on Thursday, September 8, 2011.

It said that though the company, Reliance Industries, has not seen the contents and hence cannot comment.

Reacting to media reports the company said that it has provided to Ministry of Petroleum and Natural Gas (MOPNG), Directorate General of Hydrocarbons (DGH) & CAG the detailed comments along with the views of international experts on such parts of the draft report that had been communicated to Reliance Industries.

"We hope our detailed responses and the views of industry experts have been duly considered in finalising the Audit Report," said the company in its statement.

It went on to say that the CAG was offered a complete and thorough interactions with the technical specialist. And it further added that the company was "open to such interaction at all times."

Reliance Industries has set a global benchmark for effective, efficient project completion and capital cost competitiveness under the most trying circumstances in KG D6.

VIEW: The statement issued by the company seemed a little inadequate. The main charges against the company was that of not following procedures of procurement. Also the company moved forward in other drilling areas, in order to get more area under its arm without completing the due process.

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