Finding Reliance Communication deficient in services, UT consumer forum directed it to pay Rs 10,000 as compensation for harassment
along with Rs 2,500 as litigation costs to Tejbir Kaur of Sector 46. The forum also added that Reliance was duty bound to adjust Rs 9,345 and Rs 330 received by it.
According to the complaint, Kaur had purchased internet connection for a year from Reliance for Rs 9,375, but after two months she allegedly found out that hers was an old connection because of which it terminated. She was then reportedly given a new number with the assurance that the amount already paid by her would be transferred into the new account. She, however, alleged that it was not done, rather she received legal notices for non-payment of bills. She took up the matter with concerned officials but when her requests fell on deaf ears, Kaur moved a complaint under Consumer Protection Act. Denying allegations, Reliance in its reply stated that Kaur did not make any payment besides that for the ‘get started kit’. It added that it did not have any policy of adjusting the amount of one connection against any other.
After going through documents placed before it, the forum, headed by Jagroop Singh Mahal, said that the telecommunication company did not produce any evidence to suggest that the receipt (of Rs 9,375) with Kaur was issued to some other person and not her, suggesting the one produced by her as fake. “An adverse inference should be drawn against the company for not producing relevant documents
as evidence,” the forum held.
source: http://timesofindia.indiatimes.com/Chandigarh/Telecom-firm-to-pay-for-net-goof/articleshow/4618435.cms
Showing posts with label Reliance Communication. Show all posts
Showing posts with label Reliance Communication. Show all posts
Sunday, June 7, 2009
Wednesday, June 3, 2009
RCOM may show loss of Rs 2k cr on AS-11 norms
Reliance Communications would have reported a Rs 2,255-crore loss for the fiscal year that ended in March, had it accounted for foreign
exchange differences as per Accounting Standard 11. The telecom firm which opted to comply with Part I of Schedule VI of the Companies Act, reported a Rs 5,908-crore profit, according to a report prepared by the company’s auditors, BSR.
According to the review report which, as per norms, was sent to RCOM’s board and to exchanges, BSR said: “Had the company accounted for the relevant foreign exchange differences, in accordance with the said standard (AS-11), the profit for the quarter would be lower by Rs 809 crore and profit for the year would change to a loss of Rs 2,255 crore.”
BSR is the Indian affiliate of the global accounting firm KPMG. RCOM capitalised the forex differences on amounts of liabilities and borrowings related to acquisition of fixed assets acquired abroad, in accordance with the Companies Act.
When contacted, a RCOM spokesman said: “The statement of accounts are in full compliance with the applicable provisions of the Companies Act of 1956. The same has already been detailed in the notes to the accounts, while declaring the annual results over a month back, on April 30, 2009”.
This is a practice that is commonly adopted by most Indian companies. In its report, BSR also said: “Nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results, prepared in accordance with accounting standards, has not disclosed the information required to be disclosed.” According to auditors, companies typically adopt the Schedule VI, under the Companies Act, when they acquire fixed assets.
Under AS-11, losses are accounted with the profit and loss account, instead of being capitalised, which implies accounting with the balance sheet.
RCOM said it is currently pursuing “aggressive capex plans which include significant expansion of nation-wide wireless network. The company has funded these initiatives primarily by long-term borrowings in foreign currency and foreign currency convertible bonds.”
RCOM also said that “in compliance with the Schedule VI of the Companies Act, 1956 and on the basis of legal advice received by the company, changes to the amount of liability and borrowings related to the acquisition of fixed assets consequent upon short-term fluctuations in foreign exchange rates upto March 30, 2009, are adjusted in the carrying cost of fixed assets.”
source:http://economictimes.indiatimes.com/News/News-By-Company/RCOM-may-show-loss-of-Rs-2k-cr-on-AS-11-norms/articleshow/4610784.cms
exchange differences as per Accounting Standard 11. The telecom firm which opted to comply with Part I of Schedule VI of the Companies Act, reported a Rs 5,908-crore profit, according to a report prepared by the company’s auditors, BSR.
According to the review report which, as per norms, was sent to RCOM’s board and to exchanges, BSR said: “Had the company accounted for the relevant foreign exchange differences, in accordance with the said standard (AS-11), the profit for the quarter would be lower by Rs 809 crore and profit for the year would change to a loss of Rs 2,255 crore.”
BSR is the Indian affiliate of the global accounting firm KPMG. RCOM capitalised the forex differences on amounts of liabilities and borrowings related to acquisition of fixed assets acquired abroad, in accordance with the Companies Act.
When contacted, a RCOM spokesman said: “The statement of accounts are in full compliance with the applicable provisions of the Companies Act of 1956. The same has already been detailed in the notes to the accounts, while declaring the annual results over a month back, on April 30, 2009”.
This is a practice that is commonly adopted by most Indian companies. In its report, BSR also said: “Nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results, prepared in accordance with accounting standards, has not disclosed the information required to be disclosed.” According to auditors, companies typically adopt the Schedule VI, under the Companies Act, when they acquire fixed assets.
Under AS-11, losses are accounted with the profit and loss account, instead of being capitalised, which implies accounting with the balance sheet.
RCOM said it is currently pursuing “aggressive capex plans which include significant expansion of nation-wide wireless network. The company has funded these initiatives primarily by long-term borrowings in foreign currency and foreign currency convertible bonds.”
RCOM also said that “in compliance with the Schedule VI of the Companies Act, 1956 and on the basis of legal advice received by the company, changes to the amount of liability and borrowings related to the acquisition of fixed assets consequent upon short-term fluctuations in foreign exchange rates upto March 30, 2009, are adjusted in the carrying cost of fixed assets.”
source:http://economictimes.indiatimes.com/News/News-By-Company/RCOM-may-show-loss-of-Rs-2k-cr-on-AS-11-norms/articleshow/4610784.cms
Tuesday, June 2, 2009
Crime Branch seizes 200 forms
Crime Branch sleuths today conducted surprise checks in offices of various cellphone companies and seized 200 customer application forms belonging to Reliance Telecom, Aircel and Airtel.
SSP, Crime, JP Singh said as part of investigations we confiscated 200 customer application forms from the offices of Reliance Telecom, Aircel and Airtel to see whether the SIM cards issued against these forms reached the correct and genuine subscribers or landed in the hands of unscrupulous elements.
“We know that SIM cards of various companies were being issued without proper verification and in some cases by forging documents,” he said. However, no arrests were made today, he added. The Crime Branch had already arrested three dealers yesterday.
Source:http://www.tribuneindia.com/2009/20090602/j&k.htm
SSP, Crime, JP Singh said as part of investigations we confiscated 200 customer application forms from the offices of Reliance Telecom, Aircel and Airtel to see whether the SIM cards issued against these forms reached the correct and genuine subscribers or landed in the hands of unscrupulous elements.
“We know that SIM cards of various companies were being issued without proper verification and in some cases by forging documents,” he said. However, no arrests were made today, he added. The Crime Branch had already arrested three dealers yesterday.
Source:http://www.tribuneindia.com/2009/20090602/j&k.htm
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