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: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: VAT Audit :: list of goods taxed at 4% :: empanelment :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: form 3cd :: cpt :: TDS
 
 
News Headlines »
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act
 Have you got interest on your income tax refund?

Bail petitions of former PW executives rejected
April, 10th 2009

The IV additional metropolitan sessions court today denied bail to the former Price Waterhouse (PW) auditors S Gopalakrishnan and Srinivas Talluri.

The two auditors are in jail after they have been arrested in connection with the Rs 7,800-crore financial scam at the Satyam Computer Services. The arguments for the bail petition began yesterday and continued today.

The CBI stressed that the PW auditors had conspired with Satyam founder B Ramalinga Raju, his brother B Rama Raju and former chief financial officer Srinivas Vadlamani certified the balance sheets and profit and loss statements and caused financial loss to small investors and shareholders.

The auditors have grossly failed complying with standard auditing practices, which amounted to professional misconduct.

PW India expressed disappointment that the two partners who worked on the audit of Satyam's financial statements have again been denied bail.

"The fraud perpetrated by Raju and his cohorts was designed to, and did, circumvent PW India's audit process. The two partners were also victims of that substantial and elaborate fraud," PW stated in a press release.

The two partners, who are committed to cooperating with all investigating authorities, have now been held in custody for over 10 weeks. During this time, the partners have consistently denied any criminal wrongdoing, the audit firm pointed out.

Even though it has seen no evidence of wrongdoing on their part, PW said that it had suspended both the partners from all duties in January, pending resolution of the Satyam investigations, as it was "committed to the highest standards of quality and service for its clients".

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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