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
Latest Expert Exchange
General »
 IL&FS crisis: ICAI seeks explanation from audit firms
 Arun Jaitley pushes for more tax filing in FY19
 Are you filing Income Tax Return (ITR)? This is where you are trapped! Know what is Form 16 , Form 16A, Form 26AS, TDS statement
 Officials handling GST can assess all No centre-state wall
 How is long-term capital gain from Nabard bonds taxed?
 Himachal Pradesh government notifies TDS and TCS provisions
 Tax law panel may look to drop dividend distribution tax (DDT)
 Lifestyle to refund profiteered amount
 How to club tax benefits and retirement planning to ensure peace of mind
  E commerce companies set to collect tax from sellers
 Income tax return (ITR) filing: EPF gives you tax benefit under section 80C, but there is catch

PricewaterhouseCoopers in $25.5 mn settlement over Satyam audit
May, 03rd 2011

PricewaterhouseCoopers affiliates agreed to pay $25.5 million to former Satyam Computer Services Ltd investors to settle US litigation over the audit of the Indian outsourcing company.

The settlement came four weeks after PwC agreed to pay a record $7.5 million US penalty over its auditing work for Satyam.

In papers filed late Friday in the US District Court in Manhattan, lawyers for the investors wrote that the accord followed mediation and was an "excellent result" for their clients.

Satyam's founder and former chairman Ramalinga Raju had in January 2009 revealed that what was once India's fourth-largest outsourcing company had fraudulently inflated revenue, income and cash balances by more than $1 billion over five years.

The fraud is sometimes known as "India's Enron ," referring to the US energy company that collapsed in 2001.

The PwC settlement with investors requires court approval. Satyam agreed in February to pay $125 million to settle litigation with the investors and $10 million to settle a separate US Securities and Exchange Commission lawsuit.

PwC spokeswoman Caroline Nolan confirmed the auditor's settlement with the investors.

On April 5, the SEC and the Public Company Accounting Oversight Board fined various PwC affiliates in India $7.5 million over their work on Satyam.

The SEC accused PwC of "failing to comply with some of the most elementary auditing standards and procedures."

It called its $6 million accord its largest with a foreign-based accounting firm. The PCAOB called its $1.5 million accord its largest civil money fine.

Satyam has overhauled management and is now known as Mahindra Satyam Ltd.

Friday's accord covers PricewaterhouseCoopers International Ltd, PricewaterhouseCoopers LLP , Price Waterhouse (Bangalore), PricewaterhouseCoopers Private Ltd and Lovelock & Lewes.

Lead plaintiffs are the Public Employees' Retirement System of Mississippi, Britain's Mineworkers' Pension Scheme, Norway's Skagen AS, and Denmark's Sampension KP Livsforsikring A/S.

The case is In re: Satyam Computer Services Ltd Securities Litigation, US District Court, Southern District of New York, No. 09-md-02027.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

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