Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: TDS :: empanelment :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: articles on VAT and GST in India :: VAT Audit :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
News Headlines »
 5 Tax tasks you should complete before March 31
 March 31 deadline nears: Check out these last-minute tax-saving investment options
 How to file income tax returns online without having Form 16 in 10 simple steps
 Deadline For Filing Income Tax Return (ITR) Is Just 11 Days Away: 10 Latest Details To Know
  10 incomes you need not pay any tax on
 How To File Income Tax Returns In Three Steps By March 31, 2018
 10 things about income tax every taxpayer should know
 What to do if your TDS is not deposited with the government
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018

Satyam auditors' plea rejected by HC to halt ICAI proceeding
November, 24th 2010

The Delhi High Court has refused to halt disciplinary proceedings against two Price Waterhouse partners by the apex body of chartered accountants for wrongly auditing and inflating the financial statements of Satyam Computer, now known as Mahindra Satyam.

Justice S Muralidhar refused to stop the proceedings initiated by the Institute of Chartered Accountants of India against the two auditors, saying he found no reason to grant a stay.

While rejecting the plea by the two auditors, Talluri Srinivas and S Gopalkrishnan, the court also imposed a cost of Rs 10,000 on each of them.

"This court finds no ground having been made out by the petitioners for the grant of the reliefs as prayed for. The writ petitions are dismissed with costs of Rs 10,000 each, which will be paid by them to the ICAI within a period of four weeks," the court ruled.

The court's order came in response to the pleas of Srinivas and Gopalkrishnan seeking a stay on the disciplinary proceedings against them on the ground that it violated their Fundamental Right against self-incrimination under Article 20 (3).

After scam-hit Satyam Computer Founder Chairman B Ramalinga Raju's confession to having the firm's accounts inflated, a criminal case was initiated against Price Waterhouse and its auditors for fraud and criminal conspiracy.

The ICAI has initiated disciplinary proceedings against the auditors of the firm for professional misconduct.

The court rejected the contention by senior counsel S Ganesh, appearing for Talluri Srinivas, who argued that there was no scope for his client to exercise any right of silence before the ICAI Disciplinary Committee and if he did so, an adverse inference could be drawn against him.

He would, therefore, be compelled to disclose his defence, he added.

"The contention that the petitioners have no right of silence in the disciplinary proceedings and, therefore, their statements in those proceedings will amount to disclosure of their defence in the criminal trial is without merit in view of the fact that the very nature of the two proceedings is different," the court said.

Senior counsel Ramji Srinivasan, appearing for the ICAI, submitted that the subject matter of the two proceedings -- criminal and disciplinary -- were different, as the former was to inquire into the charges of criminal conspiracy, fraud and cheating, whereas the latter would be concerned only with the discrepancies in Satyam Computer's accounts.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions