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ICAI agrees to withdraw proceedings
November, 05th 2009

Accounting regulator ICAI today agreed to withdraw disciplinary proceedings against audit firm Price Waterhouse (PW) Delhi for its alleged involvement in the multi-crore scam in Satyam Computer Services.

The Institute of Chartered Accountants of India (ICAI) decided to withdraw proceedings against PW, Delhi, after the Delhi High Court objected to the regulator's action against the firm without giving any evidence that it was related to PW, Bangalore, the statutory auditors of Satyam.

"They are separate partnership firms with separate balancesheets. There is no inter-connection (between PW Delhi, PW Bangalore and PW Kolkata) and profit and loss of one cannot be shared by others. You cannot say that the Banglore firm which was statutory auditor of Satyam has anything to do with Delhi firm," said Justice Sanjiv Khanna.

 
 
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