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ICAI holds two more CAs guilty in Satyam scam
June, 21st 2012

The countrys accounting regulator, the Institute of Charterd Accountants of India (ICAI), has finally passed its order on the remaining two chartered accountants S Gopalakrishnan and V Prabhakar Gupta involved in the R14,000-crore Satyam fraud, thereby closing its investigation in the countrys biggest corporate scandal.

The institute has given its verdict on ex-PW (Price Waterhouse) partner S Gopalakrishnan and former internal auditor V Prabhakar Gupta by barring them and have ordered for the removal of their names from the register of members permanently, said ICAI president Jaydeep Shah. The accounting regulator has also imposed a penalty of R5 lakh on the guilty members.

The institute was investigating the role played by the six chartered accountants involved in the Satyam scandal since January 2009. These members include ex-PW partner S Gopalakrishnan, V Prabhakar Gupta, who were barred recently in June, ex-CFO of the erstwhile Satyam Computer Services Srinivas Talluri,

With the advance tax payments coming in, total net direct tax collections stood at around Rs. 84,000 crore, up 40% from the year-ago period. But this growth was mainly due to a substantial dip in refunds. Refunds were down at Rs. 21,000 crore from Rs. 40,000 crore. Gross tax collections stood at Rs. 1.05 trillion compared with Rs. 1 trillion over the same period last year.

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