You are here: Home » Companies » News
Business Standard

PW plea on Satyam probe rejected

BS Reporter  |  New Delhi 

Price Waterhouse (PW), an Indian arm of the global consultancy firm PricewaterhouseCoopers, whose partners got embroiled in the Satyam accounting fraud, failed to get a reprieve from the stock market regulator, the Securities and Exchanges Board of India (Sebi).

The market regulator rejected a PW appeal for early winding up of the enquiry instituted against it on the Satyam issue. PW said it might renew its appeal to Sebi.

The latter’s move strengthens the position taken by the country’s auditing standard setting body and regulator, the Institute of Chartered Accountants of India (ICAI).

It was the ICAI’s board of discipline that had decided last month that there was enough evidence for an indictment against the PW auditors concerned.

“It (Sebi decision) strengthens our view. Our (ICAI) board of discipline had informed our disciplinary committee that the auditors are prima facie guilty,” said Amarjit Chopra, president, ICAI. The next step is for ICAI’s disciplinary committee to send notices to the PW auditors charged by law enforcement agencies in the fraud case.

Chopra said this could happen only after the auditors, under judicial remand, are in a position to argue their case before the committee.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, March 09 2010. 00:36 IST
RECOMMENDED FOR YOU
.