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ICAI to send notices to Maytas Infra auditors

February, 20th 2009
A few days after the government moved the Company Law Board (CLB) to dismiss the board of Maytas Infrastructure, accounting regulator ICAI on Thursday said it will serve notices to the companys auditors in a couple of days as there is a prima facie case against them. S R Batliboi and Associates and Hyderabad-based Krishna Prasad and Prasad are joint auditors of Maytas Infra. S R Batliboi and Associates is an affiliate of Ernst & Young. Prima facie it seems they (the auditors) have flouted the Companys Act, ICAI vice president Amarjit Chopra said. He said that the auditors seem to have violated the section 370 and 372 of the Companys Act relating to loans and advances. Chopra said the notices will be served in a day or two. Regarding Maytas Properties Ltd, he said that no decision has been taken about their auditors. Earlier, ICAI had served notices to PricewaterhouseCoopers in Satyam case. ICAI has received some replies from Satyams auditors and expects to know the exact details of auditing of Satyam accounts in 15-20 days, Chopra said.