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ICAI may quizz E&Y over Maytas evaluation
January, 15th 2009

As part of its investigation into the Satyam Computer case, the Institute of Chartered Accountants of India (ICAI) is likely to question Ernst & Young (E&Y) on the valuation exercise it undertook on the two Maytas companies.

An ICAI source told TOI that the institute would also look into the process used by E&Y to confer upon B Ramalinga Raju the `E&Y Entrepreneur of the year' award for 2007.

ICAI is already seeking explanation from Satyam's auditor, PricewaterhouseCooper (PwC), on Raju's self-proclaimed manipulation of Rs 7,000 crore.

"While PwC is being asked to explain the accounts, E&Y could also be questioned on its role,'' said the source.

When contacted, an E&Y spokesperson said: "While we are not aware of the actions by ICAI as suggested in your mail, should the institute seek any information, we would provide the same.''

Questions about Satyam's corporate governance practices were raised after the board of the company approved a proposal to acquire a 100% stake in Maytas Properties and 51% in Maytas Infra--both companies belonging to the promoter family.

The total outflow for both the acquisitions was estimated at US $1.6 billion, comprising $1.3 billion for Maytas Properties and $0.3 billion for Maytas Infra.

Following an investor uproar, the company decided to withdraw the proposal a day after it was announced.

If the deal had gone through, it would have depleted Satyam of its $1.1 billion surplus cash. This did not go down well with investors.

The lid on Satyam's fraudulent accounting blew off after Raju's confession in a letter early this week.

Soon after, ICAI came into the picture for a clean up act.

 
 
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