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BSE SENSEX
73,730.16
-609.28
-0.82 %
Corporate Announcement
Security Code
532898
Company
Power Grid Corporation of India Ltd
Exchange Received Time
13/08/2018 16:11:19
Exchange Disseminated Time
13/08/2018 16:11:23
Time Taken
00:00:04
Clarification In Terms Of Regulation 30 Of SEBI (LODR) Regulations, 2015 |
8/13/2018 4:11:19 PM
Reference your e-mail dt. 08.08.2018 with respect to the media report, 'CAG raps PowerGrid for inadequacies in pricing methodology in telecom business' - Source: www.financialexpress.com - August 07, 2018. The clarification is as under:
POWERGRID being a Public Sector undertaking is subject to audit by the office of Comptroller and Auditor General of India.
Recently, the CAG has conducted thematic audit on performance of company's telecom business and submitted its report.
The telecom segment is highly competitive and the pricing is market driven and POWERGRID quote for the leasing its Bandwidth (BW) keeping in view the market forces. As such, the company in its replies to Audit did not agree to the loss of revenue etc. stated in the audit observations.
However, the recommendations of CAG are being examined by the company for further improvement, if any, in its existing practices.
In view of above, company is of the view there is no material impact of this article on the company.
No material disclosure under Reg. 30 of Listing Regulations has been withheld.
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