Reliance Capital board denies all violations, may drag PwC to court

The board alleged PwC chose not to attend the audit committee meeting on June 12 despite being invited and resigned abruptly

The board of Reliance Capital (RCap) on Thursday denied all violations raised by erstwhile auditor PricewaterhouseCoopers (PwC) in its letter to the Ministry of Corporate Affairs (MCA).

“The company is planning to take legal actions against PwC after an independent investigation conducted by top law firms revealing there was no diversion of funds by the company, which was the primary allegation of PwC against RCap,” sources close to the company said.

In its resignation letter, PwC had cast 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