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: empanelment :: TDS :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: VAT Audit :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: form 3cd :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4%
 
 
News Headlines »
 5nance.com launches tax investment platform
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 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

Sebi can probe Price Waterhouse in Satyam fraud case
August, 26th 2010

The Bombay High Court has ruled that capital market regulator Securities and Exchange Board of India, or Sebi, has the jurisdiction to investigate audit firm Price Waterhouse for its alleged involvement in the fraud at Satyam Computer Services, as it is a preventive action by the regulator to safeguard interests of investors.

The high court, however, said if it is found that there was omission without any connivance, then on the basis of such evidence, Sebi cannot give any further directions. But if there is evidence, the regulator can proceed by giving directions, the court ruled.

Price Waterhouse is likely to file an appeal before the Supreme Court soon. The high court has directed Sebi not to proceed with its inquiry against the audit firm for a period of four weeks. The division bench, comprising Justice PB Majmudar and RM Savant said if Sebi wishes to pass a final order against Price Waterhouse, it will have to determine if it has any power to give directions under the Sebi Act.

Amit Agarwal, a former lawyer with Amarchand Mangaldas says the judgement is fair. It seems the Bombay high court, has not provided the extent and scope of power over audit firms and their partners under section 11 & 12 of the Sebi Act.

The only rider is that Sebi cant extend its jurisdiction to issues already covered under the CA Act, he added.

Price Waterhouse had filed a writ petition before the Bombay high court seeking to quash the showcause notice issued by Sebi, contesting the jurisdiction of the regulator over chartered accountancy firms.

Such firms are governed by the Institute of Chartered Accountants of India . Ravi Kadam, advocate general of Maharashtra, supported by Shiraz Rustomjee appeared for Sebi; senior counsel Janak Dwarkadas represented Price Waterhouse.

The regulator had issued two show-cause notices to Price Waterhouse , asking them why they should not be debarred from carrying out auditing work for listed companies for a particular period.

In the notice, Sebi alleged that Price Waterhouse, by certifying false and overstated financial results as true, has misled investors. Price Waterhouse had moved couple of consent applications for an early settlement . However, Sebi refused to settle the case and decided to go ahead with proceedings.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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