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SAT awards partial relief to PW in Satyam case

Team SoOLEGAL 16 Feb 2018 11:16am

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SAT awards partial relief to PW in Satyam case

Mumbai:While refusing to grant a stay on Sebi's ruling that barred PW and its network entities from taking up new audit work for listed companies, the The Securities Appellate tribunal  announced partial relief by modifying its earlier order passed on January 19.In fresh order issued ,the  Tribunal has granted permission to  Price Waterhouse and its network entities to continue with audit works of existing clients till the end of March 2019.Earlier order stated that PW and its network entities could carry out audit certification of listed companies only till March 31, 2018.

On January 10, Sebi had imposed a two-year ban on entities/ firms practising as chartered accountants under the brand and banner of PW from directly or indirectly issuing any certificate of audit of listed companies after finding it guilty in the multi-crore Satyam fraud.

Mukul Rohtagi, appeared in PW and argued that the SAT's January order was on the premises that the final hearing would be completed by March 2018. Mr Rohtagi further argued for staying of two year ban on 10 PW network entities as they are separate legal entities.

This was contested by Sebi counsel Ravi Kadam, who said that PW and its associates  have to be taken as a single brand entity and that investors go by the brand name. Further, the matter would be heard as an when a new SAT bench is formed as one member recused himself and other is remitting office.


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Tagged: SAT   SEBI   PW  
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