The Securities and Exchange Board of India (SEBI) has barred Price Waterhouse from auditing any listed company in India for a period of two years for its alleged role in the Satyam scam.
The regulator has also directed the auditing firm to pay Rs3.09 crore along with a 12% annual interest since January 2009.
"Entities/firms practicing as Chartered Accountants in India under the brand and banner of PW (Price Waterhouse), shall not directly or indirectly issue any certificate of audit of listed companies, compliance of obligations of listed companies and intermediaries registered with SEBI... for a period of two years," stated SEBI in an 108-page order released late on Wednesday, January 10.
In 2010, SEBI issued a show-cause notice to Price Waterhouse, among many other entities, after it emerged that the accounts of Satyam were falsified and inflated.
This followed the letter written in January 2009 by the then chairman of Satyam, B. Ramalinga Raju in which he said that the balance sheet of the company included inflated and non-existent cash and bank balances.
Readers' Choice
Haryana effects major police reshuffle including four DG rank officers
Bishwanath Sinha Appointed as Chief Secretary: Satheesan Admin’s First Major Bureaucratic Reset
Sanjay Jaju Appointed as Next Telangana Chief Secretary; Ramarao as Special CS to CM
In husband’s footsteps, Sujata Karthikeyan too joins BJD
Andhra IAS Officer Made Special CS Four Days Before Retirement
SEBI bans Price from auditing listed firms
By IndianMandarins - 2018-01-11 11:51:37
The Securities and Exchange Board of India (SEBI) has barred Price Waterhouse from auditing any listed company in India for a period of two years for its alleged role in the Satyam scam.
The regulator has also directed the auditing firm to pay Rs3.09 crore along with a 12% annual interest since January 2009.
"Entities/firms practicing as Chartered Accountants in India under the brand and banner of PW (Price Waterhouse), shall not directly or indirectly issue any certificate of audit of listed companies, compliance of obligations of listed companies and intermediaries registered with SEBI... for a period of two years," stated SEBI in an 108-page order released late on Wednesday, January 10.
In 2010, SEBI issued a show-cause notice to Price Waterhouse, among many other entities, after it emerged that the accounts of Satyam were falsified and inflated.
This followed the letter written in January 2009 by the then chairman of Satyam, B. Ramalinga Raju in which he said that the balance sheet of the company included inflated and non-existent cash and bank balances.
