Price Waterhouse

SAT-appeal

• Alleged failure to properly audit and detect manipulated financial statements, inflated revenues and fictitious bank balances of Satyam, amounting to complicity in or aiding and abetting securities-market fraud.
  Appeals concerned disclosure of relied-upon statements/documents and cross-examination of witnesses; operative final directions are not stated in the provided extract.
  Appeal: Appeal No. 8 of 2011, decided by SAT on 1 June 2011; connected Appeal No. 9 of 2011 also arose from the same order.
• Negligence / complicity in audit of Satyam Computers by Bengaluru PW firm; SEBI held all PW-brand network firms liable and barred them from auditing listed companies.
  Appeal: Misc. Application No.324 of 2018 in Appeal No.6 of 2018 (with Appeal No.7 of 2018) pending on 17.10.2018 seeking extension of interim relief