India’s Auditor Suggests Canceling Reliance Jio’s Licenses

July 6, 2014

Master jio logo-ver-CMYKIndia’s federal auditor has suggested telecommunications licenses held by Reliance Industries Ltd. 500325.BY +1.25% be canceled because of irregularities in the way the company acquired them.India’s Comptroller and Auditor General in an initial report said Reliance should be forced to pay a fine and give up the wireless broadband bandwidth rights it acquired when it bought another company.

The auditor said Reliance, which purchased Infotel Broadband Services in 2010 just hours after Infotel won the bidding in an auction of bandwidth in more than 20 markets across India, was bending the rules by acquiring the bandwidth through another company.Source

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