PriceWaterhouse Coopers has resigned as the auditor of two Anil Ambani companies: Reliance Capital and Reliance Home Finance. PwC said “the company did not convene an audit committee meeting within the expected time”. “The company expected PwC to have participated in the meeting of the Audit Committee and not resigned on the eve thereof,” Reliance Capital said in a regulatory filing. The development led to the shares of Reliance Capital tumbling almost 7 per cent on the bourses to close at Rs 87.50. Reliance Home Finance said the audit committee and its board would meet on Thursday to pick a new auditor.

Source: The Telegraph June 12, 2019 19:18 UTC