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ICAI to issue fresh notice to PW Delhi
November, 05th 2009

Accounting regulator ICAI on Wednesday said it will issue fresh notices to PriceWaterhouse, Delhi, in relation to the Satyam scam after the Delhi High Court objected to its action against the firm without any evidence that it was related to PW, Bangalore, the statutory auditors of scam-hit company.

"It may be noted that PriceWaterhouse having its Head Office at New Delhi had filed a Writ petition before the High Court of Delhi which had come up for hearing today. The court observed that the director discipline shall decide and issue fresh notice to PriceWaterhouse (New Delhi) and thereafter proceed further in accordance with the Chartered Accountants Act and Rules framed there under," ICAI said in a statement.

Earlier in the day, Justice Sanjiv Khanna of Delhi HC said, "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," Justice Khanna said.

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