commercial contracts to develop a natural resource, which according to the apex court is a state’s wealth. It can’t be a completely private contract.”
Telecom companies, sources said, are likely to challenge the HC order in the Supreme Court, which will have to examine the issue in a larger commercial perspective including impact on foreign direct investment in India.
Ficci president Sidharth Birla said, “As far as audit by the CAG is concerned, we believe the CAG was constituted to be answerable to Parliament in respect of businesses which are owned by the government. So therefore, to my mind, there is no place for CAG interfering into a private company’s books.”