31/01/2018 Price Waterhouse: Price Waterhouse gets 2-year ban in Satyam case - Times of India https://timesofindia.indiatimes.com/business/india-business/price-waterhouse-gets-2-year-ban-in-satyam-case/articleshow/62450904.cms 1/93 Sign In English िही मराठी বাংলা ગુજરાતી ಕನಡ தழ் മലയാളം | Epaper| GadgetsNow Claim your points Claim Now Business Home Home GST Videos City India World Business Tech Sports Entertainment TV Life & Style Photos Travel Live TV TIMES NEWS - RADIO Modi Government 75 years of Big B Amitabh Bachchan Yoga Day Gautam Gambhir Exclusive Elections 2017 Delhi MCD 2017 Brandwire Yearender 2016 Yearender 2017 Good Governance Business Budget India Business 3
93
Embed
31/01/2018 Price Waterhouse: Price Waterhouse gets 2-year ...€¦ · 31/01/2018 Price Waterhouse: Price Waterhouse gets 2-year ban in Satyam case - Times of India ... 31/01/2018
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
31/01/2018 Price Waterhouse: Price Waterhouse gets 2-year ban in Satyam case - Times of India
Over 10.000.000 tokens were sold during Pre-Sale. Big Team and Top Advisors. Subscribenow
Highlights
The regulator also asked PW to pay Rs 13.09 crore, along with interest at 12% per annum from January 2009.Price Waterhouse Network is auditing arm of PWC India.The ban will come into effect from financial year 2018-19 and won’t affect the auditing work for the year 2017-18.
File photo (Reuters)MUMBAI: Markets regulator Sebi on Wednesday banned global auditing firm Price Waterhouse Network from engaging in audit work with any listed companyfor two years starting April 2018 for its role in the Rs 8,000-crore Satyam scam that took place in 2009. The regulator also asked PW to pay Rs 13.09 crore, along with interest at 12% per annum from January 2009 (approximately Rs 14 crore).
Two former PW partners, S Gopalakrishnan and Srinivas Talluri, have also been barred from issuing audit certificates to listed companies for three years. Thetwo chartered accountants were responsible for auditing Satyam when the fraud came to light.
Price Waterhouse Network is auditing arm of PWC India.
"Listed companies and intermediaries registered with Sebi shall not engage any audit firm forming part of the PW Network, for issuing any certificate withrespect to compliance of statutory obligations which Sebi is competent to administer and enforce, under various laws for a period of two years," the 108-pageorder said. This order could impact PW's audit business in India. The audit firm was yet to offer any statement at the time of going to press.
The ban will come into effect from financial year 2018-19 and won't affect the auditing work for the year 2017-18.
Late Wednesday evening, Price Waterhouse Network issued a statement saying, "We are disappointed with the findings of the Sebi investigations and theadjudication order. The Sebi order relates to a fraud that took place nearly a decade ago in which we played no part and had no knowledge of. As we have saidsince 2009, there has been no intentional wrong doing by PW firms in the unprecedented management perpetrated fraud at Satyam, nor have we seen anymaterial evidence to the contrary. We believe that the order is also not in line with the directions of the Hon'ble Bombay High Court order of 2011 and so we areconfident of getting a stay before this order becomes effective."
In September 2017, PW had moved a consent plea with Sebi to settle the investigations relating to its role in the Satyam scam. In 2009 too, the firm had filed aconsent plea with Sebi which was rejected by the regulatory body.
The PW statement also said: "We have learnt the lessons of Satyam and invested heavily over the last nine years in building a robust and high quality auditpractice, as also confirmed in 2015 by an independent monitor appointed by the US SEC."
Sebi has been investigating the role of the auditing firm, Price Waterhouse Bangalore, which audited Satyam Computers between 2000 and 2008. The regulatorwas probing if two of PW's partners had played a role in concealing the scam that came to light in January 2009 when Satyam founder B Ramalinga Raju,through letters to the bourses, admitted to have fudged the books for several years.
Top Comment
12 cr for PWC is like groundnuts. Crazy penalties. 8000 cr scam and people get such small penalties - Raju is a free man now. Do a small robbery, you will be injail for years.Sri Sri
See All Comments Add Comment
The regulator's objective was to prove fraud or connivance of the PW partners with the promoters of Satyam in fudging the company's books. Subsequently, PWhad moved the Supreme Court challenging Sebi's jurisdiction and authority in starting an investigation against the audit firm. The apex court allowed Sebi to goahead with its investigations.
In 2017, Sebi got two extensions from the SC to complete its investigations in the case.
Get latest news & live updates on the go on your pc with News App. Download The Times of India news app for your device.
Richest Cricketers in the world.CricUnion
10 Tv stars who make more money than Bollywood actorsCRITICSUNION
Characters Remaining: 3000Continue without loginFull Name Email LocationorLogin from existing accountFacebookGoogleEmailRefrain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks, name calling or inciting hatred againstany community. Help us delete comments that do not follow these guidelines by marking them offensive. Let's work together to keep the conversation civil.HIDE+All CommentsYour ActivitySort UpVotedBe the first one to review.We have sent you a verification email. To verify, just follow the link in the message
Sri Sri6143 18857 more points needed to reach next level. Know more about Times Points
Level 4
Influencer
Sri Sri has earned the Influencer Level 4 badge as 1000 people have Agreed or Recommended his/her comments on Timesofindia.com.Know more about Times Points
Member 1Know more about Times PointsSri Sri - Location - 20 days ago12 cr for PWC is like groundnuts. Crazy penalties. 8000 cr scam and people get such small penalties - Raju is a free man now. Do a small robbery, you will be injail for years.Reply • • 29 3 • Flag
Find this comment offensive?
Your reason has been submitted to the Admin. Choose your reason below and click on the Submit button. This will alert our moderators to take action
Foul languageDefamatoryInciting hatred against a certain communityOut of context/SpamOthers
Report this ! CloseFlagged
Madan Mohan Siddhanthi24626 374 more points needed to reach next level. Know more about Times Points
Level 7
Influencer
Madan Mohan Siddhanthi has earned the Influencer Level 7 badge as 2500 people have Agreed or Recommended his/her comments on Timesofindia.com.Know more about Times Points
Member 1Know more about Times PointsSri Sri - Mumbai - 20 days agoFriend see - for Railways not buying ticket 10 years jail - for Laluu the vullu who looted hundreds of crores 3.5 years -why do you THINK ? India please do notthink - be happyReply • • 2 1 • Flag
Find this comment offensive?
Your reason has been submitted to the Admin. Choose your reason below and click on the Submit button. This will alert our moderators to take action
Reason for reporting:
Foul languageDefamatoryInciting hatred against a certain communityOut of context/SpamOthers
Report this ! CloseFlagged
The Common Man206 44 more points needed to reach next level. Know more about Times Points
The Common Man has earned the Influencer Level 1 badge as 100 people have Agreed or Recommended his/her comments on Timesofindia.com.Know more about Times Points
Level 1
Movie Buff
The Common Man has reviewed 5 movies on Timesofindia.com to earn the Movie Buff Level 1 badge.
Your reason has been submitted to the Admin. Choose your reason below and click on the Submit button. This will alert our moderators to take action
Reason for reporting:
Foul languageDefamatoryInciting hatred against a certain communityOut of context/SpamOthers
Report this ! CloseFlagged
Office Of Papu13798 11202 more points needed to reach next level. Know more about Times PointsSri Sri - 20 days agoRaju is not completely free but out on conditonal bail after serving 6 out of 7yrs of sentenceReply • • 1 1 • Flag
Find this comment offensive?
Your reason has been submitted to the Admin. Choose your reason below and click on the Submit button. This will alert our moderators to take action
Reason for reporting:
Foul languageDefamatoryInciting hatred against a certain communityOut of context/SpamOthers
Prime6166 18834 more points needed to reach next level. Know more about Times Points
Level 5
Influencer
Prime has earned the Influencer Level 5 badge as 1500 people have Agreed or Recommended his/her comments on Timesofindia.com.Know more about Times Points
Foul languageDefamatoryInciting hatred against a certain communityOut of context/SpamOthers
Report this ! CloseFlagged
Lakshmi Narayanan19754 5246 more points needed to reach next level. Know more about Times Points
Level 7
Influencer
Lakshmi Narayanan has earned the Influencer Level 7 badge as 2500 people have Agreed or Recommended his/her comments on Timesofindia.com.Know more about Times Points
Member 1Know more about Times PointsLakshmi Narayanan - 20 days agoShould have been banned forever. Auditing is a profession where integrity is cornerstone. If a compant sacks an employee coz of small integrity issue it barsthem forever.Reply • • 22 4 • Flag
Find this comment offensive?
Your reason has been submitted to the Admin. Choose your reason below and click on the Submit button. This will alert our moderators to take action
Foul languageDefamatoryInciting hatred against a certain communityOut of context/SpamOthers
Report this ! CloseFlagged
Theda Singh2540 2460 more points needed to reach next level. Know more about Times Points
Level 3
Influencer
Theda Singh has earned the Influencer Level 3 badge as 500 people have Agreed or Recommended his/her comments on Timesofindia.com.Know more about Times Points
Pankaj Malviya has earned the Influencer Level 7 badge as 2500 people have Agreed or Recommended his/her comments on Timesofindia.com.Know more about Times Points
Level 1
Moderator
Pankaj Malviya has successfully flagged 10 comments on Timesofindia.com to become Moderator Level 1.Know more about Times Points
Sreeprasad shetty13927 11073 more points needed to reach next level. Know more about Times Points
Level 7
Influencer
Sreeprasad shetty has earned the Influencer Level 7 badge as 2500 people have Agreed or Recommended his/her comments on Timesofindia.com.Know more about Times Points
Member 1Know more about Times PointsSreeprasad shetty - Bangalore - 20 days agoPrice water coopers should have been banned 10 years back... Anyway good move by SEBIReply • • 18 1 • Flag
Find this comment offensive?
Your reason has been submitted to the Admin. Choose your reason below and click on the Submit button. This will alert our moderators to take action
Member 1Know more about Times PointsSreeprasad shetty - 20 days agoand these 2 crooks banned for lifeReply • • 0 0 • Flag
Find this comment offensive?
Your reason has been submitted to the Admin. Choose your reason below and click on the Submit button. This will alert our moderators to take action
Reason for reporting:
Foul languageDefamatoryInciting hatred against a certain communityOut of context/SpamOthers
Report this ! CloseFlaggedView more comments
Sri Sri12 cr for PWC is like groundnuts. Crazy penalties. 8000 cr scam and people get such small penalties - Raju is a free man now. Do a small robbery, you ...Reply
Lakshmi NarayananShould have been banned forever. Auditing is a profession where integrity is cornerstone. If a compant sacks an employee coz of small integrity issue...Reply
Similarly, 100% FDI has been allowed via the automatic route in real estate broking services.The cabinet also allowed 100% FDI under the automatic route for single-brand retail as well as easing sourcing norms.Under the present policy only 49% FDI is allowed under the automatic route.
NEW DELHI: The Union cabinet on Wednesday unveiled a fresh round of liberalisation of the foreign direct investment (FDI) policy, allowing foreign airlinesto invest up to 49% in Air India, and opening up 100% FDI in single-brand retail under the automatic route. Similarly, 100% FDI has been allowed via the automatic route in real estate broking services.
With 130 flights daily between India’s political capital and the commercial capital, Mumbai-New Delhi was the third-busiest domestic air route in the world in2017.
Under the existing rules, foreign airlines can invest, with government approval, in Indian companies operating scheduled and non-scheduled air transportservices, up to 49% of their paid-up capital. However, this provision was not applicable to Air India, implying that foreign airlines could not invest in thenational carrier.
It has now been decided to... allow foreign airlines to invest up to 49% under approval route in Air India subject to the condition that foreign investment (s) in
Air India including foreign airlines shall not exceed 49% either directly or indirectly," the government said. But it said that substantial ownership and effectivecontrol of Air India shall continue to be Indian.
The cabinet also allowed 100% FDI under the automatic route for single-brand retail as well as easing sourcing norms. Under the present policy only 49% FDIis allowed under the automatic route.
Government approval is needed beyond 49% and up to 100%. The government has decided to permit single brand retail trading entities to set off theirincremental sourcing of goods from India for global operations during the initial five years, beginning April 1 of the year of the opening of first store against themandatory sourcing requirement of 30% of purchases from India.
Incremental sourcing will mean the increase in terms of value of such global sourcing from India for that single brand (in rupee terms) in a particular financialyear over the preceding financial year, by the nonresident entities undertaking single brand retail trading entity, either directly or through their group companies.
31/01/2018 Price Waterhouse: Price Waterhouse gets 2-year ban in Satyam case - Times of India
"After completion of this five-year period, the single brand retail entity shall be required to meet the 30% sourcing norms directly towards its India operation, onan annual basis," an official statement said. Retailers are, however, eyeing further relaxation.
"...while it is (a step) in right direction, we look forward to the same relaxation for the period beyond the initial five years as well, which works towards ease ofdoing business in India," said Janne Einola, country manager at H&M India.
The government also clarified that real-estate broking service does not amount to real estate business and is therefore, eligible for 100% FDI under theautomatic route. Foreign institutional investors (FII) and portfolio investors (FPI) have been allowed to invest in power exchanges through the primary marketas well. Current policy allows 49% FDI under the automatic route in power exchanges. However, FII/FPI purchases were restricted to secondary market only.
As per the extant FDI policy, issue of equity shares against non-cash considerations like pre-incorporation expenses, import of machinery etc is permitted undergovernment approval route. It has now been decided that issue of shares against non-cash considerations like pre-incorporation expenses, import of machineryetc shall be permitted under automatic route in case of sectors under automatic route.
The government also amended the definition of "medical devices" in the FDI policy. Under present rules for the pharmaceuticals sector, definition of medicaldevice as contained in the FDI policy would be subject to amendment in the Drugs and Cosmetics Act. "As the definition as contained in the policy is completein itself, it has been decided to drop the reference to Drugs and Cosmetics Act from FDI policy," the statement said. In Video: Cabinet nod to 100% FDI in single-brand retail via automatic route
Get latest news & live updates on the go on your pc with News App. Download The Times of India news app for your device. Read more Business news
Share on Facebook Share on TwitterRefrain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks, name calling or inciting hatred againstany community. Help us delete comments that do not follow these guidelines by marking them offensive. Let's work together to keep the conversation civil.HIDE+All CommentsYour ActivitySort UpVotedBe the first one to review.We have sent you a verification email. To verify, just follow the link in the message
Cricket live scores
3rd Test - 24IND247187SA177194India beat South Africa by 63 runs3rd T20I - 28PAK181/620.0 ovNZ163/620.0 ovPakistan beat New Zealand by 18 runs5th ODI - 28ENG25947.4 ovAUS24748.2 ov
England beat Australia by 12 runs1st Test - 31BAN139/230.3 ovSLBangladesh elected to bat1st ODI - 01SAIND12:00 IST, DurbanMatch 1 - 03AUSNZ9:20 IST, Sydney2nd ODI - 04SAIND9:00 IST, Centurion
LATEST VIDEOS
Business
7 eastern states might get development push in Union Budget 201801:00
Mumbai: Having a gender diverse workforce could be the flavour of the next financial year. In a study by BTI Consultants, based on insights gathered through amarket mapping of the Indian business landscape representing over top 100 corporates, nearly 70% of organisations said they would be hiring more women in2018-19. On the other hand, 20% said they would hire more women professionals for CXO roles. However, while companies are keen on improving gender diversity ratios, there are a number of challenges, which include unconscious biases, lack of work-lifebalance and retention. Unconscious bias towards women is said to be a primary cause for skewed gender ratios at organisations. For instance, while meaty rolesgo to men, women employees are delegated non-critical support roles, resulting in their disengagement at work.
The dropout rate among women employees after maternity, too, is high. The BTI study states six out of 10 women do not return back to work. Temp hiring inIndia is yet to catch up and not all companies provide longer duration maternity leaves and sabbaticals. Women who move out of a role, therefore, find itdifficult to get their roles back after they return. The study states creating a talent pipeline that starts from the entry level with a clear growth path to theleadership level is important as this acts as a huge motivator to attract, retain and grow talent even in difficult roles.
James Agrawal, MD, BTI Consultants, said, "The importance of diversity cannot be overemphasised. It has to be top driven by the leaders as it brings aboutgreater innovation, an increased workforce availability and a diversity of thought. Organisations, we reached out to, have roughly a 13% diversity profile inIndia. Attrition is at 8%, which they are trying to fill through diversity profiles to improve the gender equality."
Across all industries, women currently make up on an average 33% of junior level staff, 24% of mid-level staff, 15% of senior-level staff and 9% of CEOs. Theindustries with the highest percentage of women on boards are technology, media, and telecommunications. In the pharmaceutical manufacturing industry, thediversity numbers are far better than other industries. Although, even here the numbers are more in the functions of R&D, marketing, HR, finance & IT. It is yetto pick up significantly in manufacturing & sales where the percentage is as low as 2% in comparison to other functions where it is at 30-40%.
Women's participation in the labour force sectors like agriculture is much higher compared to white-collar jobs in big towns and cities. Industry estimates revealthat the female workforce participation has risen from 27% in 2009-10 to 37% in 2004-05. The urban female workers ratio has only inched up from 13.4% in1972-73 to 14.7% in 2011-2012. Participation of women in the workforce is good for the economy as indicated by The McKinsey Global Institute report 2016,which estimates that improved gender diversity can add $12 trillion to the world GDP by 2025.
Get latest news & live updates on the go on your pc with News App. Download The Times of India news app for your device. Read more Business newsin English and other languages.
Refrain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks, name calling or inciting hatred againstany community. Help us delete comments that do not follow these guidelines by marking them offensive. Let's work together to keep the conversation civil.HIDE+All CommentsYour ActivitySort UpVotedBe the first one to review.We have sent you a verification email. To verify, just follow the link in the message
Cricket live scores
3rd Test - 24IND247187SA177194India beat South Africa by 63 runs3rd T20I - 28PAK181/620.0 ovNZ163/620.0 ovPakistan beat New Zealand by 18 runs5th ODI - 28ENG25947.4 ovAUS24748.2 ovEngland beat Australia by 12 runs1st Test - 31BAN
Get latest news & live updates on the go on your pc with News App. Download The Times of India news app for your device. Read more Business newsin English and other languages.(This story has not been edited by timesofindia.com and is auto–generated from a syndicated feed we subscribe to.)
Top 10 low budget movies that became blockbustersBOLLYWOODUNION
Most Expensive Bollywood Films Which Turned Out To Be FlopsBOLLYWOODUNION
Richest Cricketers in the world.CricUnion
You will never throw away a banana peel again after you se..HealtyLeo.com
2017’s Most Expensive Cars in The WorldTopCars
Earthquake jolts North India, tremors felt in Delhi-NCR
Kabul: 40 killed, 140 injured in bomb blast
A message of religious unity at Midnapur's printing industry
CID turns 20; Actors talk about their journey on the show
Market open: Nifty convincingly supported 11,000 marks
Characters Remaining: 3000Continue without loginFull Name Email LocationorLogin from existing accountFacebookGoogleEmail
Share on Facebook Share on TwitterRefrain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks, name calling or inciting hatred againstany community. Help us delete comments that do not follow these guidelines by marking them offensive. Let's work together to keep the conversation civil.HIDE+All CommentsYour ActivitySort UpVotedBe the first one to review.We have sent you a verification email. To verify, just follow the link in the message
Cricket live scores
3rd Test - 24IND247187SA177194India beat South Africa by 63 runs3rd T20I - 28PAK
181/620.0 ovNZ163/620.0 ovPakistan beat New Zealand by 18 runs5th ODI - 28ENG25947.4 ovAUS24748.2 ovEngland beat Australia by 12 runs1st Test - 31BAN139/230.4 ovSLBangladesh elected to bat1st ODI - 01SAIND12:00 IST, DurbanMatch 1 - 03AUSNZ9:20 IST, Sydney2nd ODI - 04SAIND9:00 IST, Centurion
World NewsBollywood NewsHealth & Fitness TipsIndian TV ShowsCelebrity Photos
hot on the web
DUE DATE CALCULATORKatrina Kaif PhotosBMI CalculatorDark CirclesOvulation calculatorXXX Return of Xander CageCold & Cough RemedyWeight lossHow to Get Pregnant