Mumbai (Maharashtra), June 12 -- : Anil Ambani-led Reliance Capital's statutory auditor Price Waterhouse & Co Chartered Accountants LLP (PwC) has resigned with effect from Tuesday.

PwC said that as part of the ongoing audit for 2018-19, it did not receive a satisfactory response to its queries following certain observations and transactions. If not resolved satisfactorily, they might be significant or material to the financial statements, said the auditing firm.

PwC said Reliance Capital disputed the observations highlighted by it and did not convene an audit committee meeting within the expected time. The company also stated that it might initiate appropriate legal proceedings against the auditing firm.

According to PwC, these actions b...