New Delhi : Price Waterhouse (PW), on Wednesday, moved the Securities Appellate Tribunal (SAT) challenging the Securities and Exchange Board of India’s (SEBI) order against the audit major and its network entities in the multi-crore Satyam scam.
After finding Price Waterhouse guilty in the Satyam fraud, the markets regulator last week barred the company’s network entities from issuing audit certificates to any listed company in India for two years. A Price Waterhouse official confirmed that it has moved the tribunal against the SEBI order, reports the PTI. In a detailed order, dated January 10, SEBI also directed disgorgement of over Rs 13 crore in 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/ firms practising as chartered accountants in India under the brand and banner of Price Waterhouse 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 Price Waterhouse 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 Satyam Computer scam came to light in January 2009.
