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Corp Affairs Min will examine Sebi order against PW: Chaudhary

Press Trust of India  |  New Delhi 

The corporate affairs ministry will examine Sebi's order against Price in the Services case, P P said today.

On Wednesday, barred Price Waterhouse's network entities from issuing certificates to any listed company in for two years after finding the guilty in the multi-crore Satyam scam.

Besides, the regulator has directed disgorgement of over Rs 13 crore wrongful gains by the and its two erstwhile partners who worked on the IT major's accounts.

When asked about Sebi's order against Price and whether the ministry would be looking at having stricter norms for auditors in the wake of that order, told PTI, "we will examine it".

"There are already stringent norms and the only question is about execution," he said in response to a query on whether there are plans to have stricter norms in place for auditors.

has imposed a two-year ban on entities/ firms practicing as chartered accountants in under the brand and banner of PW from directly or indirectly issuing any certificate of of listed companies, compliance of obligations of listed companies and intermediaries registered with the regulator.

noted that the order would not impact assignments relating to the financial year 2017-18 undertaken by the firms forming part of the

Besides, Price and its two erstwhile partners -- S and -- have been directed to jointly and severally disgorge the wrongful gains of "Rs 13,09,01,664 with interest calculated at the rate of 12 per cent per annum from January 7, 2009 till the date of payment".

They have to pay the amount within 45 days.

Further, and Talluri have been restrained from directly or indirectly issuing any certificate of of listed companies, compliance of obligations of listed companies and intermediaries registered with for three years.

The scam came to light in January 2009 after Satyam Computer's then chairman B Ramalinga Raju admitted to large scale financial manipulations in the company's books of accounts.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 11 2018. 16:50 IST
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