On Tuesday, Kejriwal issued a statement saying the CAG had agreed to audit the three power companies, BSES Yamuna Power, BSES Rajdhani Power and Tata Power Delhi Distribution.
The Delhi government owns 49 percent in the power discoms that are majorly owned by Reliance Infra and Tata Power and experts have questioned whether the CAG has the power to audit privately-owned companies.
Also read: Tata Power welcomes tariff cut, says audit issue sub-judice
But sources say discoms believe that such an audit may be beyond the purview of the CAG, whose ambit extends to public sector undertakings.
Since his activist days, the anti-graft activist has accused the discoms of overstating expenses to be able to charge higher prices and make more profits.
The CAG today issued a brief statement saying that it can audit private companies under section 20 of the DPC Act, which says it has such power when it believes "such audit is necessary because a substantial amount has been invested".
In fact, Prashant Bhushan, an activist of the Aam Aadmi Party and a renowned lawyer had filed a case in the Delhi High Court in 2011 requesting a special audit but the matter is sub-judice, with the next hearing due on January 22.
While speaking with CNBC-TV18, Praveer Sinha, CEO of the Tata Power Delhi Distribution, pointed out that the matter was sub-judice and that the company would provide an appropriate reply to the CAG.
Whatever the legalities of the case, this promises to be an interesting power equation that will play out in the near future.
Reliance Infra stock price
On January 01, 2014, Reliance Infrastructure closed at Rs 433.75, up Rs 7.95, or 1.87 percent. The 52-week high of the share was Rs 572.35 and the 52-week low was Rs 308.00.
The company's trailing 12-month (TTM) EPS was at Rs 75.23 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 5.77. The latest book value of the company is Rs 769.44 per share. At current value, the price-to-book value of the company is 0.56.
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