PwC cites Section 143 in exit letter, Reliance Capital refutes

Reliance Capital says auditor's observations are completely baseless and unjustified

The resignation letter of Price Waterhouse & Co (PwC) as auditors of Reliance Capital (RCap) and Reliance Home Finance (RHFL) shows that the firm had doubts over appropriateness of certain transactions of the two Anil Ambani group firms- Reliance Capital and Reliance Home Finance.

The firm's resignation letter cited section 143 (12) of Companies Act, which requires an auditing firm to report matter to relevant authorities if it has reason to believe that an offense or fraud is being committed.  

In disclosure to exchanges on Thursday, Reliance Capital denied there were any irregularities and refuted PwC's observations. "There is no