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No bail for Satyam auditors: HC
June, 30th 2009

The Andhra Pradesh High Court on Monday dismissed the bail petitions of the former auditors of the scam-hit Satyam Computer Services.

The auditors -- S Gopalakrishnan and Srinivas Talluri -- are co-accused in the multi-crore accounting scandal at Satyam and are currently lodged at the central prison in Hyderabad.

Agreeing with the argument of the CBI, which is investigating the Satyam scam, Justice GV Seethapathy in his 26-page judgment observed that the auditors were appointed on behalf of the shareholders to check the accounts of the company. On the contrary, they colluded with the management.

The court also felt that there is material evidence against the two auditors, who represent Price Waterhouse, for their involvement in the scam. The court also agreed that despite the availability of authenticated documents on various accounting issues in the company, the auditors chose to go by the documents provided by the Satyam management.

 
 
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