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SEBI issues notice to Price Waterhouse
Market regulator Security and Exchange Board of India (SEBI) Friday has sent a show cause notice to Price Waterhouse – the Indian wing of esteemed International auditing firm PriceWaterhouseCooper (PWC) – for its alleged role of dealing with deceptive and unfair trade in fraud-hit Satyam computers Limited.
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The Price Waterhouse has been auditing the Satyam’s account since last seven years and after the unearthing of Rs.7,800-crore financial scam, accepted by Satyam’s disgrace Chairman B Ramalinga Raju, the role of Price Waterhouse also comes in the probe zone.
SEBI has sent the show cause notice under the Fraudulent and Unfair Trade Practices (FUTP) regulations to the auditing firm which receiving has been confirmed by the firm.
‘The notice is under examination,’ said Price Waterhouse in a statement. ‘As this is an ongoing investigation at a preliminary stage, it is inappropriate to comment further. We continue to cooperate fully with the ongoing investigations into Satyam,’ added the auditing firm.
According to FUTP regulations, if Price Waterhouse is found tainted in the biggest corporate governess scam of India, it would have to bear a maximum penalty of Rs.25-crore and further a ban on practicing in India.