Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: form 3cd :: cpt :: VAT Audit :: ACCOUNTING STANDARDS :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: articles on VAT and GST in India
General »
 Number of companies paying tax over Rs 100 crore declines in 2013-14
 Tax and the dilemma of the self-employed
 Banks warn share tax hike threatens Paris' post-Brexit appeal
 PMC may decide on property tax rebate for IT firms this week
 I-T Dept is giving out certificates of appreciation. Have you received yours?
 Government works on ironing out benefits refund mechanism for exportersa
  Tax officials are using an IDS provision to question transactions beyond six-year-limit
 Tax-free bonds rally like midcap funds
 Senior citizens do not have to pay advance tax on salary and interest income
 GST: Audit commissioners to get adjudication powers
 Interest on NRE rupee account can be exempt from tax under FEMA

Sebi refuses Raju's cross-examination by Price Waterhouse
December, 16th 2010

Market regulator Sebi today rejected the request of Price Waterhouse Bangalore lawyers to let them cross-examine the disgraced founder-chairman of Satyam Computer Services B Ramalinga Raju and his associates, accused in the Rs 14,000 crore accounting fraud.

Sebi has also rejected their plea to cross examine the company's former managing director B Rama Raju, ex-CFO Vadlamani Srinivas and statutory auditor Srinivas Talluri.

However, the lawyers representing the audit firm have been allowed to cross-examine eight people, including G Ramakrishna, Satyam's former Vice-President (Finance).

Sebi gave its ruling after hearing the counsels following showcause notices (SCNs) given to various associate firms of Price Waterhouse, Lovelock & Lewes, and Dalal & Shah, in the Satyam accounting fraud case.

"I find that no recorded statement of Raju has been relied upon in the SCNs... I, therefore, do not find that a case has been made out for cross-examination of Shri Ramalinga Raju," the market regulator said.

Sebi said that although an opportunity for cross- examination is a law of natural justice, in this case, it should be exercised with caution.

It notes, "I have to keep in mind that the public interest is served by a speedy completion of these proceedings without, however, compromising on the requirements of adherence to principles of natural justice and that a long delay would rob them of much of their purpose.

"In the present case, it is already eight months since the hearing commenced, and hardly any progress has been made in the matter."

Earlier, Price Waterhouse had challenged in court Sebi's jurisdiction over audit firms, contending that accounting regulator  ICAI was the authority concerned and it was already looking into the auditor's role in the Rs 14,000 crore scam.

On the eight people that have been allowed to be quizzed, Sebi said all cross-examinations would be held on dates, time and venue, to be notified soon, and no adjournments would be granted.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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