PwC auditor observations 'baseless and unjustified': Reliance Capital

In a letter to Reliance Capital, PwC said it felt compelled to withdraw from the audit of the company's fiscal year 2018/19 accounts after not receiving "satisfactory response"

Reliance Capital Ltd said on Thursday the observations of PricewaterhouseCoopers (PwC) about its fiscal accounts were "completely baseless and unjustified", a day after the auditor withdrew from assessing the shadow bank's fiscal year 2018-19 accounts.

In a letter to Reliance Capital, PwC said it felt compelled to withdraw from the audit of the company's FY 19 accounts after not receiving "satisfactory response" to its queries on certain observations in its assessment, Reliance Capital said in a statement on Wednesday.