SAT to hear Price Waterhouse's pleas against Sebi tomorrow

The Securities Appellate Tribunal (SAT) will tomorrow hear pleas by Price Waterhouse against two-year ban imposed by markets regulator Sebi on the audit major and its network entities in the multi-crore Satyam scam.
As per the Tribunal cause list, the appeals are scheduled for hearing tomorrow.
After finding the audit major guilty in the Satyam fraud, the markets regulator last week barred Price Waterhouse's network entities from issuing audit certificates to any listed company in India for two years.
Following the order, Price Waterhouse's network entities moved to SAT.
In a detailed order, dated January 10, Securities and Exchange Board of India (Sebi) also directed disgorgement of over Rs 13 crore wrongful gains by the audit major and its two erstwhile partners who worked on the IT company's accounts.

On January 11, Price Waterhouse said there has been no intentional wrongdoing by its firms in the Satyam case and expressed confidence of getting a stay on the Sebi order.

Sebi has imposed a two-year ban on entities or firms practising as chartered accountants in India under the brand and banner of PW from directly or indirectly issuing any certificate of audit of listed companies, compliance of obligations of listed companies and intermediaries registered with the regulator.
According to the regulator, the order would not impact audit assignments relating to the financial year 2017-18 undertaken by the firms forming part of the PW network.

Further, the two erstwhile partners -- S Gopalakrishnan and Srinivas Talluri -- were restrained from directly or indirectly issuing any certificate of audit of listed companies, compliance of obligations of listed companies and intermediaries registered with Sebi 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.