September 18, 2020

PwC Gets a Small Win in the Satyam Case

Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for pwclogo.thumbnail.jpgHey, any win is a good win, right?
A has judge ruled that there was no evidence that the Delhi office had anything to do with the actions of the Bangalore office, the statutory auditors of Satyam.
The Institute of Chartered Accountants of India (ICAI) — the AICPA of India — had brought actions against PwC offices in Delhi, Kolkata, and Bangalore but the judge isn’t buying that they are related:

“They are separate partnership firms with separate balancesheets. There is no inter-connection (between PW Delhi, PW Bangalore and PW Kolkata [ Images ]) and profit and loss of one cannot be shared by others. You cannot say that the Banglore firm which was statutory auditor of Satyam has anything to do with Delhi firm,” said Justice Sanjiv Khanna.

The court did indicate that if the ICAI wanted to take another shot at Delhi — you know, with some evidence — if it so chose.
P. Dubs has to be happy with the small victory but would probably prefer if their previous suggestion to just forget this whole thing would start getting some traction.

Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for pwclogo.thumbnail.jpgHey, any win is a good win, right?
A has judge ruled that there was no evidence that the Delhi office had anything to do with the actions of the Bangalore office, the statutory auditors of Satyam.
The Institute of Chartered Accountants of India (ICAI) — the AICPA of India — had brought actions against PwC offices in Delhi, Kolkata, and Bangalore but the judge isn’t buying that they are related:

“They are separate partnership firms with separate balancesheets. There is no inter-connection (between PW Delhi, PW Bangalore and PW Kolkata [ Images ]) and profit and loss of one cannot be shared by others. You cannot say that the Banglore firm which was statutory auditor of Satyam has anything to do with Delhi firm,” said Justice Sanjiv Khanna.

The court did indicate that if the ICAI wanted to take another shot at Delhi — you know, with some evidence — if it so chose.
P. Dubs has to be happy with the small victory but would probably prefer if their previous suggestion to just forget this whole thing would start getting some traction.

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