India Inc. 'CAG'ed! Telecom Who Else?

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Published on Sat, Apr 19,2014 | 18:15, Updated at Sat, Apr 19 at 18:19Source : CNBC-TV18 | Watch Video :

This week the Supreme Court said that it is the duty of the Comptroller & Auditor General of India to audit all transactions of the Union & State as also to audit all receipts payable to the Consolidated Fund of India. And hence the apex court ruled that CAG's examination of the accounts of private telecom service providers in a revenue sharing contract is extremely important to ascertain whether there is an unlawful gain to the service provider and an unlawful to loss to the Union. Is it just telecom companies that can now be audited by CAG or does the application of this judgment extend to all situations where the government has a revenue share? To discuss the scope & enforcement of this order, CNBC-TV18's Menaka Doshi speaks to Rajeev Uberoi, Group General Counsel & Group Head - Legal & Compliance, IDFC and Vikram Nankani of ELP.

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