May 26, 2018, 8:05 am IST
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Satyam scam: 2 year ban for Price Waterhouse

Satyam scam: 2 year ban for Price Waterhouse

 Jan 11, 2018

Price Waterhouse Network, global auditing firm, is banned from auditing with any listed company for two years by market regulator, Sebi. The ban starts from next financial year. The ban is for its role in the 8000 crore Satyam scam of 2009. Price Waterhouse Network is auditing arm of PWC India.

The auditing firm is also asked to pay Rs.13.09 crore and interest of 12% per annum from January 2009, which works out to approximately 14 crore. S. Gopalakrishnan and Srinivas Talluri, former partners of Price Waterhouse, have also been barred from issuing audit certificates to any listed listed for three years . When Satyam fraud was exposed, the auditing of the firm was done by the two chartered accountants.

The 108 page order said, “Listed companies and intermediaries registered with Sebi shall not engage any audit firm in forming part of the PW Network for issuing any certificate with respect to compliance of statutory obligations which Sebi is competent in administer and enforce under various laws for a period of two years”.

A statement issued by PW late Wednesday evening said, ”We are disappointed with the findings of the Sebi investigations and the adjudications order. The Sebi order relates to a fraud that took place nearly a decade ago in which we played no part and had no knowledge of. As we have said since 2009, there has been no intentional wrong doing by the PW firms in the unprecedented management perpetrated fraud at Satyam , nor have we seen any material evidence to the contrary.  We believe that the order is also not in line with the directions of the Hon’ble Bombay High Court order of 2011and so are confident of getting a stay before this order becomes effective.”  


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