Noose tightens on Satyam promoter, Price Waterhouse
The
Institute of Chartered Accountants of India (ICAI) - the regulatory body for
CAs in the country - has suo motu initiated disciplinary proceedings against
the Indian arm of global auditing firm Price Waterhouse, the auditors for
Satyam Computer Services (SATYAM.BO : 39.95 -139.15). Meanwhile, shocked at the audacity of the
Satyam management team to have successfully pulled off a fraud of such
magnitude, corporate affairs minister Premchand Gupta today said:
No leniency will be shown towards those who
have been found guilty in the fraud committed at Satyam. The ministry said it
would refer the case to the Serious Fraud Investigation Office (SFIO). The case
will definitely be referred to SFIO. It is a serious fraud... now all the
agencies like stock exchanges, Sebi, Company Law Board and Registrar of
Companies should make a coordinated effort, a senior official from the ministry
of corporate affairs said.
The
ministry has given the RoC a deadline of January 14 for submitting a report on
Ramalinga Raju s statement today. The company s chairman admitted that the
company s books were fudged.
We
will seek all relevant information and documents from the Sebi, the corporate
affairs ministry and the RoC. The maximum punishment that could be meted out is
cancellation of license for lifetime and a penalty of Rs 5 lakh, said Agarwal.
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