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PwC auditor moves SC against ICAI
July, 30th 2011

PriceWater house auditor Srinivas Talluri, one of the accused in the R14,000-crore Satyam Computer Services accounting fraud case, on Friday challenged the Delhi High Court order that rejected his plea to stay disciplinary proceedings before the Institute of Chartered Accountants of India (ICAI).

However, a bench headed by Justice MK Sharma recused from hearing the case. The matter is likely to come up for hearing on Monday before another bench.

The regulatory body of chartered accountants had initiated disciplinary proceedings against the auditors of the scam-hit Satyam (now Mahindra Satyam) after its founder-promoter B Ramalinga Raju confessed to inflating the company account books.

The disciplinary proceedings were initiated by the ICAI following failure of the auditors to detect the accounting fraud, which continued in the IT company for many years.

While seeking a stay on disciplinary proceeding before ICAI, the auditor said that the subject-matter of both the disciplinary proceedings as well as the criminal case in the Special CBI Court were more or less identical.

And during the trial, he would be required to disclose his entire defence, which would be violative of his fundamental right against self-incrimination.

Meanwhile, the accounting regulator said that it would complete cross-examination of witnesses in the R14,000-crore Satyam accounting fraud case in the next two days.

There are 15 witnesses (in the Satyam case) and we have completed cross examination of 12, rest we will cross-examine on July 31. We will also complete examination of documents which we have, said ICAI president G Ramasawamy. Earlier, in 2009, ICAI had set up a six-member special committee to look into the fraud in the Hyderabad-based IT company.

 
 
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